Instead, the safety nets should be designed in a way that encourages people to adapt and seek new challenges. Also, a higher dispersion of income should not be allowed to become so entrenched that it erodes the equality of opportunity. Here, tax policies need to play a role in levelling the playing field.
In the IMF there is still no consolidation of the euro area members within one seat, something which to my mind will have to take place sooner or later. On financial stability, the situation of the euro area is quite unusual, as the ECB has no direct responsibility for banking supervision.