Thus, I will focus my presentation today on the policy responses to the crisis and the requirements I see as essential in the areas of monetary policy, fiscal policy and structural reforms to cope with current challenges. Macroeconomic and monetary environment Let me start with briefly sketching the economic and financial developments in the euro area during the years of crisis up to now.
Mark Carney: Summary of the latest Monetary Policy Report Opening statement by Mr Mark Carney, Governor of the Bank of Canada, at a press conference following the release of the Monetary Policy Report Update, Ottawa, 17 July 2008. *  *  *  Good morning.