• All institutions have a role to play in addressing fragmentation
• The problem is that ECB is way too often the only player in town
• That has to change
• Incomplete EMU architecture, sluggish reform, political bickerings – this is where fundamental fragmentation originates
• It is crucial for ECB to not become victim of its ability to respond and adapt, leaving counterparts becoming less willing or motivated to act

He’s throwing the ball back to the fiscal court and it is about time. Most policymakers don’t want to get too involved in the politics but in Europe, the whole framework in itself is to blame as to how a lot of the recent problems are cropping up. It’s tough when you get countries with different dynamics – not just financially but also from a socioeconomic perspective.