And he ended his speech with some very characteristic remarks. The proposals, and now I quote: “will bring sizable benefits to most of us, but not without throwing up new challenges. You may say that this remark is just the usual manifestation of a central banker’s innate caution. Well, it may be. But that does not mean that I am necessarily wrong”.
I see this as a way of thinking with which every central banker can – and should – agree. References: Lamfalussy, A. 1989. Macro-coordination of fiscal policies in an economic and monetary union in Europe, Collection of Papers. Committee for the Study of Economic and Monetary Union. Luxembourg, 1989. January. 91–126. Lamfalussy, A. 2003.