Government censorship in any form renders information suspect. Such information will be disregarded by market participants as virtually useless, requiring individuals to rely on rumor and other dubious sources of information. This leads to misjudgments about the changing patterns of consumer demand and hence significantly eviscerates the market’s effectiveness and its role in directing real resources to their optimum uses.
At the same time, a permanent solidarity framework – the European Stability Mechanism – was put in place, to provide financial assistance to Member States in difficulty, thereby reducing threats to financial stability in the euro area. Conclusions Let me conclude. The crisis has been long and painful for many people in Europe.