They affect different policy areas, such as the labour markets or the banking system, which in many countries need to be strengthened and restructured. 4. As far as monetary policy is concerned, the non-standard measures implemented during the crisis have contributed to the smooth functioning of financial markets. The flow of credit to the private sector is progressively rebounding.
The exceptional measures are being removed as economic and financial market conditions improve. 5. Fiscal policy needs to be adjusted and brought on a sustainable path, with a view to preserve – or restore – the confidence of financial markets. I would like to elaborate on the last point, i.e. fiscal consolidation.