Third, we have learned that governance of economic policies at the EU level has to be broader and deeper than anticipated prior to the crisis. Besides fiscal surveillance, which essentially focused on public deficits,1 there was believed to be no need to closely monitor macroeconomic imbalances and disequilibria on the labour, product or financial markets.
6  Out of a population of 40.5 million (World Bank FIndex, 2012). 7  Safaricom Limited Annual Report, Year Ended 31 March 2013. 8  Branchless Banking in Brazil, CGAP, 2010.