Jürgen Stark, a member of the executive board of the European Central Bank, said on Wednesday that Europe cannot run away from the fact a lack of sufficient surveillance contributed to the sovereign debt crises in some member states.

At a conference in Attica, Greece, he said that "the institutional framework [in Europe] so far lacks any effective tools for macroeconomic surveillance which could prevent the emergence of macroeconomic imbalances. The Broad Economic Policy Guidelines have proven