Mr. Greenspan's remarks to the Economic Club of New York Remarks by the Chairman of the Board of the U S Federal Reserve System, Mr. Alan Greenspan, at the Economic Club of New York in New York City, on 02/12/97. Dramatic advances in the global financial system have enabled us to materially improve the efficiency of the flows of capital and payments.
The best solution over the long term would be to strengthen the coordination of fiscal policies and perhaps to move towards a form of democratically legitimate fiscal union, which would make it possible to provide monetary policy with full protection against the risk of a Member State defaulting. But this is not where we are at present.