6  BIS Review 97/2006  Macroeconomic stability to support higher and sustainable growth As mentioned earlier, the supply-side determinants of long-term growth that I have emphasised should not be understood as an exhaustive explanation for the growth performance of the European economy. We should also look beyond the microeconomics of the supply-side and ensure an appropriate macroeconomic framework in Europe.
The so far minimal financial market spillover to other emerging-market economies from the current difficulties in Argentina and Turkey is consistent with such a trend. Furthermore, to the extent that international investors have differentiated among emerging markets, countries have incentives to improve the availability and quality of their economic data as a way of favorably distinguishing themselves.