The systemic crisis affecting the euro area is threatening one of Europe’s greatest achievements – the single currency. Market pressure is no longer about unsound policies, or unsustainable debt paths. Taken together, the fundamentals of the euro area are stronger than those of the US or Japan.
BIS Review 82/2010  11  Dear friends and colleagues, The global financial crisis following the Lehman Brothers collapse inflicted unprecedented shocks on the world economy, raising fundamental questions concerning the economic theories and principles that had long been received wisdom. In this context, perceptions as to the desirable role of the central bank are now shifting greatly.