The main shortcomings of our economic system and the prospects for reform, which are also the subject of the National Programme that the Government presented in April, are examined in a chapter of this year’s Report. The list of areas requiring action is long; among the most urgent interventions are those to safeguard legality and efficiency in the public administration.
For example, if it is the case that low interest rates lead to excessive leverage or to excessive risk-taking or to house price bubbles in some countries in a monetary union there is nothing that monetary policy can do about this.