Along with this, international policy cooperation to curb regulatory arbitrage, as well as each individual country’s coordinated operation of its macroeconomic policies, is crucial for the sustainable and stable growth of the world economy.
Price stability has been achieved and the ECB will strive to maintain it, but financial markets are under strains. The question being asked today by market participants no longer concerns a particular country or sector: it is whether the political commitment exists to support the euro as a project and to improve this project.