To improve the performance of credit rating agencies, which were deeply involved in the collapse of markets for collateralized and securitized lending instruments, especially those based on mortgage finance. More than six years later, policymakers around the globe have made substantial progress in strengthening the financial system and reducing the probability of future financial crises.
In fact, the main reason why several countries at present are in budgetary difficulties is because they have not used the past phase of higher growth to substantially improve their fiscal position, i.e. they have shown precisely a lack of medium-term orientation.