They are manifestations of problems that are profound and serious but that can be overcome. We need to devise lasting solutions and explain them clearly to the public. This week the European Central Bank raised its key rates by a quarter of a point. The time available for the adjustment of the public finances and a return to growth is running out.
Savings, one of the strengths of our economy and our society, are an essential ingredient for growth. It is up to the financial system, markets and intermediaries, to channel them towards the most productive uses, acting in a fully competitive environment and in compliance with the rules. This is your – and our – responsibility. 6  BIS Review 15/2006