The crisis has then reversed this process across Europe, with states having to launch debt reduction programmes accompanied by structural reforms, and rising unemployment bringing widespread social hardship. Faced with the costs of this adjustment, many people are tempted to turn their backs on Europe. And the more they do so, the further we are from a solution.
Jerome H Powell: Opening remarks Opening remarks by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at the Conference on Diversity and Inclusion in Economics, Finance, and Central Banking, sponsored by the Bank of Canada, the Bank of England, the Board of Governors of the Federal Reserve System, and the European Central Bank, (via webcast), 9 November 2021.