In an interview he gave to the German Handelsblatt, the economist noted that “Short term, there can certainly be some flexibility in the goals of the national budget”.
On the other hand, he stressed that finally, the measures of fiscal austerity are necessary as are the reforms. Still, he claims that a haircut of the Greek debt by Greece's european creditors is also necessary.

In another part of his interview, Obstfeld advises that a return to a nationalist way of thinking should be avoided: “There is, in the whole of Europe, a tendency to reject the economic amalgamation and a search for national solutions”, he stated while adding that it is now time for more, rather than less cooperation.

The re-raising of border fences in Europe is causing concern to the American economist. He sees that as a policy which “affects the idea of monetary union in the exact opposite way”. For that he suggests that “Europe must find a way to distribute the burden of the humanitarian crisis by the welcoming and acculturation of the refugees”.

Mr.Obstfeld concludes that the Europeans will have to try harder in order to overcome the European crisis. One of them could be the creation of a system of guarantees for the bank deposits, an idea which is mainly rejected by Germany.