In this respect, we appreciate the inclusion of a special euro area fiche into the Integrated Guidelines, highlighting the particular reform necessities of countries that participate in the euro area. BIS Review 20/2007  3  Let me briefly elaborate in more detail on these important issues. First, the focus must be on structural reforms enhancing economic flexibility.
What are some of the identifiable sources of market failures that led to the current financial turbulence? The current ongoing financial crisis is attributed to a variety of factors such as the developments in the sub-prime mortgage sector, excessive leverage, lax financial regulation and supervision, and global macroeconomic imbalances.