Stanley Fischer on the Euro Area
Fed Vice-Chairman Fischer notes:
“What of the future?
What crises, what extremely difficult decisions, await the EU? Some are already
visible. The decision to use the single currency to drive the European project
forward was a risky one, and at some stage or probably in several stages, it
will be necessary to put the missing fiscal framework into place. And that, if
it happens, will be another example of a crisis--the present crisis, one
hopes--whose solution will have strengthened the European enterprise. For
success in this area must be one of the most difficult economic challenges
facing the EU after the present crisis is over.”