5. Summers Says ECB, Governments Must Restore Confidence
June 6, 2012
Quoted: Lawrence Summers, Charles W. Eliot University Professor and member of the Belfer Center Board of Directors
Topic: European Central Bank
“Former U.S. Treasury Secretary Lawrence Summers said that the European Central Bank and the region’s governments must do more to restore confidence amid the euro-area sovereign debt crisis.
‘The situation is very difficult,’ Summers said in an interview on Bloomberg Television today. ‘They are discovering ways in which they did not expect that the single currency is brittle. The risks, it seems to me, are all on the side of lack of confidence and self-fulfilling fear.’”