Fiscal policies should also support the economic recovery, while remaining in compliance with the fiscal rules of the European Union. Full and consistent implementation of the Stability and Growth Pact over time and across countries remains crucial to ensure confidence in the fiscal framework.
In turn, the lack of credit growth is exerting a major restraint on the economic recoveries in a number of countries around the world. In the post-war period, easier monetary policy has invariably helped foster a rebound in economic growth following a recession.