Fed’s Dudley Says Spain, Italy Policy Imperatives ‘Achievable’

Federal Reserve Bank of New York President William C. Dudley said it will be easier for Spain and Italy to achieve fiscal consolidation imperatives than for Greece.

“As you go from the peripheral countries to the core, the debt challenges become much more manageable,” Dudley, 58, said at a hearing of a House Oversight and Government Reform subcommittee in Washington. “They have to do substantially less than what Greece has had to do,” and “what Spain and Italy need to do is completely achievable.”

Dudley said “it’s going to take time” to implement new programs and the countries will need to “convince market participants” that they will do so.

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