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ECB president argues for economic union in Eurozone

Building economies that are resilient and flexible entails that wages and prices can adjust to economic conditions, and that resources can reallocate swiftly across firms and sectors. We know from economic theory that this is crucial in a monetary union to ensure that adjustment happens through prices, not quantities – that is, unemployment. And we have also seen this play out in our direct experience: during the crisis countries with more flexible economies have on the whole adjusted faster and with a lower employment cost. This is evident, for example, if one compares the experience of Ireland and Latvia with that of Spain, Portugal and Greece.
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