In parallel, the consolidation of public finances that took place in the 1990s was as impressive as it was necessary, ending the continuous increase in public debt that had taken place since the 1970s. In this regard, the convergence criteria for joining EMU played a crucial role in supporting the consolidation efforts.
We distinguished between the positive growth in leading indicators, mainly in the advanced economies, and some weakness and disappointment in the emerging economies. Global growth forecasts show a very gradual recovery – the entrenchment of growth in the US with continued stagnation in the European economy.