Comments from Fed Vice Chair Stanley Fischer at an ECB conference in Portugal:
- Need for more fiscal integration in Europe is clear
- 'Very likely' that EU will survive crisis
- Greek crisis 'is not yet over'
- Europe must lift productivity
- EMU won't survive unless it brings prosperity
- ECB QE showed it could implement policy at zero rates
- EU must also face a potential British exit in the future
Textbook stuff but he will host a Q&A later. Draghi is also at the same conference but I suspect he's making his speech in private to hedge funds and will be releasing it to the pleebs tomorrow.
