And yet it is the final stretch that determines the final result. That’s why we must not falter in our efforts to pursue productivity-enhancing reforms which alone can provide a sound footing for stronger growth. Suffice it to say, correcting misalignments solely at the national level doesn’t go far enough. What we also need are structural reforms at the European level.
For this reason, it is critical that we better pool the analysis and assessments of supervisors and central bankers across the major economies and financial centres and that of the international financial institutions that undertake surveillance of the global financial system. The FSF and the IMF have begun a process to do just this.