Jürgen Stark: Globalisation and monetary policy – from virtue to vice? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Federal Reserve Bank of Dallas, Dallas, 29 November 2011. *  *  *  Ladies and gentlemen, I am very honoured to be here today.
Enforcement mechanisms will lack credibility. In a sense, it is this risk of the loss of credibility that is most concerning about current developments in euro area fiscal policy. Everyone agrees that there can be no return to the large fiscal deficits of the 1970s. That simply crowded out private sector investment.