For Banco de México, given our economy's very high degree of trade and financial openness, an improved understanding of trade and international macroeconomic issues is always very valuable. Over the years, this high-level conference has been important for us to be able to apply the latest ideas and techniques to pressing policy issues.
4  Strengthening EMU’s institutional architecture  However, when it comes to taking action at the European level, the challenges facing monetary union are also considerable. The safeguards originally put in place for the stability of monetary union, the Stability and Growth Pact and the no bail-out clause, failed to prevent the crisis.