In the recent crisis, money market mutual funds and their investors, as well as other providers of short-term funding, were the economic equivalent of early-1930s retail depositors. Shadow banks relied on these providers to fund longer-term credit instruments, including securities backed by subprime mortgages.
Europe has to show that it is taking its destiny into its own hands. Last Thursday you took part in the Eurogroup meeting on Greece. Are you satisfied with the agreement? Will the debt relief granted be enough? This is a turning point for Greece and for Europe. Greece can now free itself from European stewardship.