Although that is not a sufficient condition, it is certainly a necessary condition, for a stable euro. And the euro must be stable if it is to unfold in full its undoubtedly great potential for economic benefits.
I also am delighted to be here with my fellow panelists, Frank Schorfheide of the University of Pennsylvania, who is a regular visiting scholar at the Philadelphia Fed, Neal Soss of Credit Suisse, and, of course, our moderator, Binyamin Appelbaum of the New York Times.