But let me emphasise that restoring sound public finances is not only a challenge for the euro area. As mentioned before, government deficit and debt levels in many advanced economies outside the euro area have also risen to historically high levels.
Therefore, the commitment by the leaders’ of the G20 countries at the Summit in Toronto to pursue fiscal plans that will at least halve deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016 is also an important step. This commitment now has to be followed by bold policy actions. 4. Concluding remarks  Let me sum up.