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Oct. 27 (Bloomberg) -- European Union President Herman Van Rompuy said monetary policy alone cannot solve the debt crisis.
“One of the origins of the current crisis is that almost everybody had underestimated the extent to which the economies of the euro zone are linked; and we are now remedying that,” Van Rompuy said today to the European Parliament in Strasbourg, France. “Moreover, monetary policy is at the heart of economic policy and the 17 have a common monetary policy.”
“Yet we need a policy mix. Monetary policy alone is not enough to deal with the situation,” he said. “We cannot have a common currency, a common monetary policy, and leave everything else to the states involved. That’s why the 17 will have to go further.”
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