Allow me, therefore, to take this opportunity to congratulate the Institute for almost coming of age at 20. You need not be reminded that with the maturity that goes with a two decade lifespan, comes increased responsibility for the greater good of all concerned and for the country.
At the European level, that’s a different question. Why do you mention “European”? Because you think that the response of governments has been found wanting so far? I think having a joint, pan-European response would be very important. For example, I think having a single fiscal instrument for the euro area would have been crucial. But we aren’t going to look backwards.