Second, the efficiency and legitimacy of global governance is being addressed: the mandates and governance structures of existing international institutions are being strengthened, existing informal fora adjusted and new fora developed. Third, the system is moving decisively towards a much more inclusive system of global governance, encompassing key emerging economies as well as the industrialised countries.
From that viewpoint, the euro area as a whole does not have an external imbalance since our current account balance is broadly in equilibrium. What importance do you ascribe to the debate on the international monetary system?