Even with these elements in place, as UMP in AE are unwinded, capital outflows will follow, domestic interest rates will increase, and financial conditions could become very turbulent. From the EMEs point of view the only adequate response, is one that is comprehensive and consistent, involving fiscal, financial and monetary policies.
The phases of the competition  At the start of the competition, more than 300 candidates from 31 countries representing four continents submitted their applications. Of those, 80 architects - 70 “established” architects and 10 “emerging young” architects - were selected to participate in the first phase of the competition, although only 71 actually presented outline proposals for the New ECB Premises.