Does compliance with some of our accounting rules lead to large swings in reported earnings that do not reflect the true economic state of a firm? If we are to use fair-value accounting, how do we ensure that both assets and liabilities are correctly and equally marked to market?
The existential challenges that it had to cope with have profoundly transformed it both as far as monetary policy and other key tasks are concerned, but also in its managerial and operational structure. Finally, there is a clear message now that can inspire future work on strengthening our Union.