I have deliberately disregarded current actions to cope with the crisis, focussing instead on lessons from the crisis and casting a sceptical eye on some aspects of the global reform agenda.
Let it be understood that the Bundesbank certainly does not reject this agenda, since it addresses the areas that need to be addressed; moreover, reforms are crucial to establishing more solid foundations for the global economy. However, it is important to avoid measures which hamper or prevent market-economy processes without recognisably reinforcing stability.