Finally, let’s recall that Eurozone reform is closely linked to the overall future of Europe and its Union. The values of the Enlightenment, which underpin the European social and political model, are now challenged both politically and socially, both from the inside and the outside. In this context the Eurozone reform is an essential element of a broader endeavor to strengthen Europe.
2  See Willardson (2008) and Willardson and Pederson (2010). 2  BIS central bankers’ speeches  is roughly 3 percent. Economists generally think that it’s the real interest rate that matters for economic decision-making. I’ll first discuss the Fed’s lending responses and then talk about the interest rate cuts.