Tuesday, August 7, 2012

Bernanke Says Europe Needs Its Own Fed

ABC News
August 7, 2012

Federal Reserve Chairman Ben Bernanke says that a central economic organization in Europe would help solve some of that continent’s economic crises.

“If Europe had a single fiscal authority, that would put them in a much closer situation relative to the United States,” Bernanke said today. “That would probably address many of the concerns, many of the problems that they had.”

European leaders promised this summer the creation of such an organization, but even optimistic outlooks say its creation could take months or years. Even then, critics fear that like many European Union organizations it may not have the teeth to police its member states.

Speaking during a townhall to public educators in Washington, Bernanke admitted “getting to that point is very difficult.”

“You have 17 different countries,” he said. “Each set of taxpayers want to make sure that their own country is being fairly treated.”

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