Although the automatic stabilizers in most European countries help to adjust for the loss in effective demand, some additional discretionary spending is now needed. The crisis also highlighted differences between the EU and the U.S. in terms of fiscal policy. While the two regions are roughly comparable in economic size, the EU lacks a federal budget like the U.S.
It is also my intention to be on the road a lot, visiting Federal Reserve Districts and talking to bankers, consumers, and community groups. When I come to your state, I hope to see you, and I promise to make time to talk.