It also took some time before policy makers in Europe did recognize that it was in the best interest of Europe to pave the way for a European initiative for economic stabilization and recovery.
For instance, the European Council at the level of heads of state and government, has already decided to double the ceiling for the EU’s support facility for balance-of-payments assistance to 50 billion euro. What shall be done in the future? If macroeconomic policies work together in a well-coordinated way globally, I am convinced we will master this crisis and successfully prevent a global depression.