Andreas Dombret: Quo vadis euro area? Challenges facing monetary union Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, to the CDU Economic Council, Berlin, 20 October 2011.
It is an illusion to believe that we can finetune our instruments such that they have exactly the effect we want them to have. Recently, Otmar Issing wrote in the Frankfurter Allgemeine Zeitung: “The attempt to prevent each kind of crisis is just as hopeless as harmful.