Euro area governments’ unwillingness to adapt their fiscal and competitiveness policies to the requirements of EMU very much lies at the heart of the current “sovereign debt crisis”. Excessive risk-taking by an over-leveraged and inadequately regulated financial sector is, of course, the other source of the present “financial turmoil”.
We are fortunate that this long-term oriented strong leadership tradition continues with Kristalina Georgieva, who has successfully faced a once-in-a-generation human catastrophe and a global recession with strong resolution. ***  2.