Let me emphasise again that there is a need for a lucid monitoring of national competitiveness developments, including unit labour costs, as recouping ex post a loss of competitiveness is a difficult exercise. In this regard, we support the Parliament’s call for responsible wage policies.
Financial stability and supervision Let me now turn to the issues highlighted by the financial market correction for crisis prevention and crisis management, which also figure prominently in your draft resolution. As regards crisis prevention, the market correction highlighted issues for both supervisors and central banks. Supervisors should make further efforts to reinforce cooperation and exchange of information on a cross-border basis.