"Don't Create a Fiscal Crisis!"
Jürgen Stark, European Central Bank | December 10, 2008
The European Central Bank has cooperated with major central banks to expand its liquidity provision, making it easier to access central-bank money. ++ Fundamental measures to protect economies have been carried out by euro-zone governments, which have “provided support for the banking system by offering funds for recapitalization and guarantees for inter-bank loans.” ++ Effective stimulus measures require fiscal sustainability. ++ Further, the “EU's rules-based fiscal framework must be fully applied and its integrity preserved.”
