The ethic of conviction and the ethic of responsibility are not opposites. They are complementary to one another.”  2  BIS central bankers’ speeches  The crisis has revealed fault lines in all major advanced economies of the world. The sustainability of their medium to long term strategies has been put into question.
Europe – and the Euro area in particular – has shown positive fundamentals, on a consolidated basis, in particular, as regards its overall fiscal situation and domestic and external equilibrium. But on a country-to-country basis the major weakness of the Economic and Monetary Union lies in its insufficient governance of the economic union, while the monetary union has delivered according to expectations.