cit.). 14  A similar argument is made in Fernández-Villaverde, J. (2013), “Discussion of “Can Structural Reforms Help Europe?” by Gauti Eggertsson, Andrea Ferrero, and Andrea Raffo”, Journal of Monetary Economics. Lane (2013) also emphasises the importance of calibration and timing in the reform package: see Lane, P. (2013), “Growth and Adjustment Challenges for the Euro Area”, The Economic and Social Review, Vol.
44, No. 2, Summer. 6  BIS central bankers’ speeches  Conclusion This brings me to my conclusion. Alexandre Lamfalussy had great faith in the power of the EU institutional framework to enforce policy coordination and deliver a socially optimal outcome for the monetary union.15 This, the crisis has shown, was overly optimistic.