We see that the current account provides an important summary indicator. And finally, we trust that appropriate fiscal consolidation will lay the foundations for sustained competitiveness of our economies. Figuratively speaking, competitiveness is not about becoming athletes in a world sprint competition. It is about staying fit and thriving for the long term.
Higher capital requirements in a variety of forms are a suitable instrument to increase the loss absorption capability of SIFIs and, at the same time, to counter moral hazard by pricing in their externalities. However, important details of these SIFI recommendations and corresponding policy measures still need to be agreed on, and some questions remain unanswered.