Address at the Bruegel-IMF Conference “Sovereign Risk and Fiscal Policy in the Euro Area”, Bruegel Institute
September 14, 2010
Good afternoon. I am delighted to take part in this important conference on fiscal policy in the euro area. The ideas presented today are sure to serve as valuable inputs to those working on how to strengthen the EMU’s fiscal framework.
Over the last sixty years, the nations of Europe have joined together to build a common road to prosperity, stability and peace. The integration of their markets has created tremendous opportunities for innovation and growth, delivering a remarkable rise in living standards.
This success has been anchored in an understanding that sharing the same road requires more than fair play and good will. To ensure that the journey proceeds smoothly, European nations have had to surrender some autonomy for the sake of the greater good. This has applied to trade and competition policy and monetary policy, and to some extent also to financial and fiscal policies.
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