Yet despite intense frustration in the US, and elsewhere, at the laboriousness of its decision-making, Ms Lagarde has no fundamental doubts that the eurozone is the right group to be leading the rescues in Greece, Ireland and Portugal. “It is quite typical of Europe to deliver at the end of the day because the European members do deliver but it takes a necessary democratic time, which is not always pleasing to the markets,” she says.
“When you put 17 democracies together under one currency ... it is very much a race between the democratic game and market expectations. Democracy prevails at the end of the day.”
For more: Lagarde says Europe will deliver in the end - FT.com
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