These recommendations are now in the process of being translated in changes to the legal framework, for which the European Commission already made proposals in September 2010. The importance of a strong commitment from euro area governments to the new framework and to an ambitious translation in the legal texts cannot be overstated.
It is of great significance to have discussions among academics, practitioners and policymakers in any academic field, and it is certainly true in the field of monetary economics. As I have worked at a central bank for a long time, and also placed myself in a university for a while, I sincerely hope to deepen intellectual interaction among academics, practitioners and policymakers.