Europe’s response to the financial crisis and recession has suffered from a lack of effective co-operation among eurozone governments and their leaders, the outgoing head of Europe’s employers’ association said on Thursday.

“The great weakness we’ve felt in the crisis is the weakness of the eurozone institutions. Not the European Central Bank, which has been extremely efficient. If we’d had a hesitant or technically weak ECB, we would have been in chaos,” Ernest-Antoine Seillière, president of BusinessEurope said.