My remarks will focus on the challenges faced by U.S. policymakers as they confront the need to put fiscal policy on a sustainable track in the long term while providing support to the economy in the near term.
According to the definition given above, the stability of a liberalised financial system ties in with efficiency, namely the capability of allocating capital in the most efficient manner. Thus, increased efficiency brought about by the integration process produces a higher degree of stability, at least in the long run.