Luis de Guindos: Concluding remarks - "Inflation in a changing economic environment" Concluding remarks by Mr Luis de Guindos, Vice-President of the European Central Bank, at the ECB conference “Inflation in a changing economic environment”, Frankfurt am Main, 24 September 2019.
It spread from the US property market to the global financial system, from there to the real economy, leading finally to a sovereign debt crisis in several euro area countries. A sovereign debt crisis – let me emphasise this explicitly – that is a severe test for monetary union, but is not a crisis of the euro.