Let me say here, in front of many colleagues who are participating actively in the global endeavour to accelerate financial repair and reform – particularly through the remarkable work of the Financial Stability Board and of many workshops that have been established including the Basel Committee – that I consider their work decisive. We are now at a crucial moment in this process.
In all what follows I am making the working assumption that we will rely in the next decade on very solid ground as regards financial rules and regulations and micro as well as macro prudentials. I will concentrate now on fiscal policies of governments and on the role of central banks in the years to come in this context of debt overhang. 1.