Yves Mersch: Challenges of excessive indebtedness Keynote lecture by Mr Yves Mersch, Governor of the Central Bank of Luxembourg, at the Euro Finance Week, Frankfurt am Main, 15 November 2011. *  *  *  Ladies and Gentlemen, It is my pleasure and privilege to contribute to the Euro Finance Week.
Beyond the realm of financial markets, a functioning Economic and Monetary Union will require an increased awareness on the part of all Member States of the spillover effect of their national policies, especially their budgetary policies. Without this, the Eurosystem’s single monetary policy would face severe pressures.