Bloomberg News

ECB’s Orphanides Says Europe Needs Stronger Economic Governance

November 24, 2011

Nov. 24 (Bloomberg) -- European Central Bank council member Athanasios Orphanides said the euro area needs stronger economic governance.

“The crisis has reaffirmed with great force that strong economic governance is a prerequisite for stability in a monetary union,” Orphanides, who heads the Central Bank of Cyprus, wrote in a working paper published by the bank today.

“Sadly, despite having experienced tremendous costs stemming from the sovereign crisis in the euro area, lack of sufficient progress in strengthening economic governance going forward, including clarity on crisis management, has become a grave source of instability in the euro area.”

To contact the editor responsible for this story: Matthew Brockett at

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