Any set of policies implemented by the US, Europe and Asia that does not consistently corrects global macroeconomic imbalances is not sustainable and could lead to new crises. What I would like to do in my remarks today is to emphasise two specific channels where developments in the euro area could have an important impact on the global economy.
Channel one: rebalancing towards sustainable growth  The first channel is related to the structural adjustment taking place within euro area economies which could, in time, correct the imbalances internal to the euro area thus overcoming a major European vulnerability allowing Europe to make a contribution to global demand and hence global rebalancing.