The economic governance framework at the EU level has not performed this function effectively, and there is an urgent need to reinforce economic governance to arrest the build-up of imbalances at a sufficiently early stage. To this end, EU governments have agreed on a number of proposals to strengthen economic governance in the EU and the euro area.
The conference will not only enable participating countries to share the experience and lessons in their respective development but also strengthen dialogue and cooperation between the government and the private sector. I’d like to take this opportunity to talk briefly about evolution of credit culture in China.