It would be ideal if the political-economic mix in public policy, especially in major economies, would be consistent in allowing the market to produce those shifts and for the countries concerned to conceive those shifts as being in their national interest. After all, if anything is too big to fail, it should be the International Monetary System. I thank you for your attention.
Europe has a role to play in guiding governments in the right direction. But we know the Stability and Growth Pact was not properly enforced. That is why I am encouraged by the approach taken in the fiscal compact. This enshrines balanced budget rules in national constitutions or equivalent, under the vigilance of independent fiscal councils.