OMFIF Focus Podcast – Financial stability series: ‘A US perspective on the European debt crisis: part two.’ Mark Sobel, former deputy assistant secretary for international monetary and financial policy at the US Treasury and former US representative at the International Monetary Fund, speaks with David Marsh, chairman at OMFIF. Topics for discussion include the European Central Bank’s role in stabilising the euro area, the need for structural reforms and the use of fiscal policy, global imbalances and Germany’s surplus, the introduction of a European Monetary Fund, and steps towards deeper European integration.