Yet, in my remarks today I will argue that for the euro area to leave the legacy of the crisis truly behind, we need to see not only reduced dispersion in growth rates, but convergence in real income levels – that is, we need growth to accelerate in economies where losses from the crisis have been the largest for real convergence among Member States to take hold.
Within the G20, for instance, advanced economies cannot be forced to implement the commitments they made at the Toronto Summit of 2010 to halve fiscal deficits by this year and stabilise debt ratios by 2016, if they are reluctant to do so. Nor can emerging market economies be forced to move more rapidly towards market-based exchange rates.