We have made significant progress in the last couple of years, with the establishment of the EFSF, the launching of the ESM, the approval of the six-pack legislation and of the fiscal compact. Third, the unused resources of the international monetary system need to be mobilised.
This dynamic was disrupted by the infusion of funds to households and businesses. Prompt and forceful policy actions were also likely responsible for reducing risk aversion in financial markets and business decisions more broadly.