We will have to see what happens in 2017, but 2016 was not a good year as regards economic reforms. Are you referring to Italy and France? Yes, but not only. Some reforms have been made there in respect of pensions and the labour market, but there is still a large backlog. Citizens are now displaying anger and resistance.
While we all recognize that the growth of hedge funds has had clearly a positive impact on the efficient functioning of financial markets, it can also pose threats to the stability of the financial system. These risks can take two main forms.