Government procurement practices should ideally be characterised by simplified bidding procedures, high levels of transparency, and standardised contracts that reduce costs with a focus on value for money. Performance-based budgeting practices generally also improve the impact of government programmes.
Will credit to non-financial entities start flowing more strongly again now that banks have been able to secure more solid financing? Will authorities manage to implement fiscal austerity measures without unduly damaging growth prospects in Europe? And then there is the issue of whether geopolitics will push oil to levels that threaten the fragile global recovery.