And yet, the advocates of an economic government argue that there are deficiencies in this framework, resulting in inferior economic outcomes, and that these could be remedied by an economic government. There is no doubt, however, that an immediate consequence of the creation of an economic government seeking close coordination with the ECB would be the blurring of responsibilities.
I would like to mention the names of Jacques de Larosière and Michel Camdessus in the IMF, Paul Volcker, Alan Greenspan and Bill McDonnough from the Federal Reserve, Bill Rhodes as regards the private sector rescheduling. Without all those remarkable people, without their lucidity and tireless activity the world would not have been able to surmount difficulties of an enormous global magnitude.