For the EU as a whole, it seems clear that the mechanisms of the European Economic and Monetary Union need further development if it is to achieve its intended aims. Last week, the European Commission issued a communiqué outlining plans to enhance surveillance and develop a crisis management framework. I would anticipate a robust debate over these and related matters in the coming months.
The United States is in a very different position from that of the European countries whose debt instruments have been under such pressure.