Before Greenspan, Montague Norman (Governor of the Bank of England from 1921 to 1944) reputedly took as his personal motto: “Never explain, never excuse”. (http://www.federalreserve.gov/newsevents/speech/bernanke20071114a.htm).
Finally, I will devote some time to the important topic of financial integration in Europe. The economic background Beginning with monetary policy, a key feature of both the euro area and global economies in recent years has been the unusually high degree of economic and financial uncertainty which has accompanied economic recovery.