Finally, I will address some challenging issues concerning the economic outlook and the financial markets in the euro area. II. The financial market turmoil: to what extent did we foresee, or could we have foreseen, it?
Since the financial market turmoil erupted last summer, the underlying causes, as well as the factors that have contributed to the propagation and spreading of initial triggers across markets and countries, have been the subject of extensive debate. And these issues will be discussed further by other speakers at this convention.