Speech: EU Commissioner Nellie Kroes speaks on economic crisis

Kroes argued that U.S. and European approaches to the economic crisis are increasingly converging, as both begin to recognize that a mix of stimulus and better regulation is likely the best way forward. She commented that the EU is not as fractured as U.S. commentators sometimes think it to be, noting that all member states are committed to an "efficient single market that fosters equal opportunity." Speaking specifically about remedies to the current crisis, Kroes said that until the banks are adequately addressed, no amount of government spending can fix the roots of the problem. Some banks may be too big to fail, she stated, but none are "too big to restructure."

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