Draghi: Stabilisation policies in a monetary union

From ecb.europa.eu

The resilience of the euro area through many years of crisis has proven its critics to be wrong. Several countries, not least Greece, have undertaken remarkable efforts in order to thrive as members of the monetary union. Important institutional reforms have taken place to strengthen the euro area, notably the creation of the banking union and the European Stability Mechanism (ESM). As I have outlined elsewhere, the euro has been beneficial in many ways,[1] and today the single currency is more popular than ever.[2] But the fact that the crisis lasted much longer here than in other advanced economies – and came ... (full story)