One challenge along the way is that of gaining a more comprehensive understanding of the financial cycle – which is the topic of our conference. The global financial crisis and subsequently the sovereign debt crisis have (once again) strongly highlighted the key role financial developments play for economic activity and, at the same time, the necessity to review our understanding of the finance-growth nexus.
In addition, however, the ten steps mentioned above, which should ideally be incorporated into a national growth plan, are geared towards supporting (a) output and investment; (b) the “knowledge triangle” (education, research, innovation); and (c) the new generation.