* 1  *  *  Introduction  Good afternoon, ladies and gentlemen It’s a great pleasure to take part in this Salzburg Global Seminar. Many thanks for inviting me back. Over the next twenty minutes, I would like to share my views on how to deal with systemic risk and moral hazard.
As acknowledged in the Economic and Financial Document (DEF), the cyclical slowdown is increasing the budget deficit in the current year. The increase in the debt-to-GDP ratio could exceed that indicated in the government’s budget (almost half a percentage point), which assumes revenue from privatizations amounting to about € billion (one percentage point of GDP).