By reviewing the above-mentioned turbulences in the U.S., we get a rough idea of how improvements have occurred. In the period of high inflation through 1970s and 80s, the role, independence and governance of the central bank were carefully studied. As a result, operations of the central bank made lots of improvements.
Continuing with comprehensive fiscal consolidation and complying with all commitments remains essential. In this respect, the 2012 European Semester should be used to enforce rigorously the reinforced fiscal surveillance mechanism. Equally important are structural reforms to increase the adjustment capacity and competitiveness of euro area countries and to strengthen growth prospects and job creation. In this area, more progress is desirable.