Indeed, an important lesson was that compensation schemes that delivered large bonuses for short-  4  E. Clark, “Building a Better Banking System for America” (speech to Chief Executives’ Club of Boston, Boston College, Boston, MA, 26 April 2012). BIS central bankers’ speeches  5  term returns encouraged individuals to take on too much long-term and tail risk.
The developments in Turkey make it crystal-clear that the best way to stave off crises is to run sound and responsible economic and fiscal policies and to pursue an independent monetary policy geared towards price stability. 2 The euro area economy It’s not just Germany – the euro area is also experiencing an economic upturn. This growth is broadly based across member states.