Mundell on the wires…
Columbia professor Robert Mundell has made the following comments on Bloomberg television:
- Growth/stability pact not strong enough.
- There may not be a need for European monetary fund.
- EU could create a less formal way of dealing with crisis.
- Speculators are a big problem for Greece.
- IMF can be useful; EU wants to solve issue itself.
- Greece has to make the budget adjustments.
- Euro is “best thing” that has happened to Europe.
- Governments have to balance budgets.
- He doesn’t see a Euro area defaulting.
Although not related, as these comments were release, the EUR made a new session low of 1.3579.




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