Thomas M Hoenig: Monetary policy and the role of dissent Speech by Mr Thomas M Hoenig, President of the Federal Reserve Bank of Kansas City, at the Central Exchange, Kansas City, 5 January 2011.
Ultimately, this situation has to be corrected, and this will undoubtedly have implications for the rest of the world. With the external impetus to growth likely to be modest, euro area growth will have to be driven largely by domestic demand. However, the recent track record of larger euro area economies is not encouraging.