All the advanced economies – the United States, Japan and Europe – must draw lessons from it. The outlook for the monetary union is favourable: the euro and prices are stable.
Initiatives are already underway at the international and EU level to address these various issues, but for our exchange of views here today I would like to focus on three key issues: transparency, valuation of complex structured products, and liquidity risk management practices, including liquidity risk stress-testing. •  First, transparency for markets, investors and regulators.