They should address product markets, network industries, labour markets, and the modernisation of public administration. To support employment, wage-setting should become flexible and aligned with productivity. These reforms will help to regain competitiveness, increase employment, set the foundations for sustainable growth and support the return of confidence.
Credit derivatives I would now like to turn to one more issue that has relevance to ERM, and that is the importance of companies including an ERM perspective as they design and build new lines of business.