First, it is crucial that social partners continue the process of wage moderation seen in the past. This will not only facilitate the task of monetary policy, but will also contribute to continuing the process of reducing unemployment in the euro area.
Still, it is essential to protect retail depositors and investors, and it provides a standardized framework from which customized bilateral disclosures can be drawn and elaborated. Lastly, industrial countries have the responsibility to assist in the training of supervisors in emerging market economies, an area in which, I am pleased to say, we in the Federal Reserve System have been active for a while.