The ability of national budgets to counter adverse cyclical phases must also be safeguarded. Individual countries must continue their efforts to enhance the soundness and the growth potential of their economies. Italy has taken several important steps that are now beginning to bear fruit. Had we not done so, the Greek crisis would have had serious repercussions.
But our task is not complete; reform must continue in all sectors of the economy and in the public administration. Our financial system must become more competitive and regain its capacity to fully support economic activity. The measures bearing on the quality of credit and the governance of banks constitute a major advance in this direction. 6  BIS central bankers’ speeches