As the ECB has repeatedly stressed, the main responsibility for resolving this crisis lies with governments and the financial sector. Euro area governments’ unwillingness to adapt their fiscal and competitiveness policies to the requirements of EMU very much lies at the heart of the current “sovereign debt crisis”. Excessive risk-taking by an over-leveraged and inadequately regulated financial sector is, of course, the other source of the present “financial turmoil” | ... Fiscal imbalances and the monetary policy response to the crisis... Lire.
11/18/11
ECB: The ECB and the sovereign debt crisis
As the ECB has repeatedly stressed, the main responsibility for resolving this crisis lies with governments and the financial sector. Euro area governments’ unwillingness to adapt their fiscal and competitiveness policies to the requirements of EMU very much lies at the heart of the current “sovereign debt crisis”. Excessive risk-taking by an over-leveraged and inadequately regulated financial sector is, of course, the other source of the present “financial turmoil” | ... Fiscal imbalances and the monetary policy response to the crisis... Lire.
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