In the area of macroeconomic policies, I think we'll see more centralization, like in the budgetary sphere.
Sentiment: NEGATIVE
Let me say that I think the economic history of the last 150 years clearly shows that if you want to industrialize a country in a short period, let us say 20 years, and you don't have a well-developed private sector, entrepreneurial class, then central planning is important.
We have seen a central government taking more and more control over public education, over communications, over transportation, over every detail of our daily lives.
Most of the policies that support robust economic growth in the long run are outside the province of the central bank.
The EU should be concentrated on adapting to globalisation and global competitiveness, not building more powerful centralised institutions in Brussels.
We are beginning to see the benefits of global consolidation.
What will growth policy have to look like in a fiscally compacted Europe? Clearly any illusion of budget stimulated growth policy will have to go away.
The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.
After 20 years in Congress, I still believe that smaller government and lower taxes are the most effective economic policies.
If we hope and even assume that the social question will be answered through communism, and not in this or that country but in the world, any thought of centralization must be a monstrosity.
Today we know that centralization and big bureaucracies have not, as promised, been the answer for promoting better opportunities for society.