Looking ahead, a path towards a fiscal union, based on a principle of responsibility and with proper control and accountability, would provide a sound “fiscal pillar” on which the single currency could safely rest. Some have suggested that it could provide a basis for the introduction of euro area-wide funding instruments with joint and several liabilities.
This conference was rescheduled in respect for the loss of our colleagues and fellow citizens in the tragedy of September 11. But the fact that the conference is going forward in cyberspace is a testimony to American perseverance, to our technology, and to our flexibility.