If during that period real GDP growth had been in line with that of the previous decade and the deflator had evolved in keeping with the inflation target for the euro area, the debt burden would have risen by only 3 percentage points, slightly less than the increase stemming from Italy’s financial assistance to countries in difficulty; had the positive effects of stronger growth on the government deficit been taken into account, the debt burden would have been lower.
A representative member body, in which each participant is able to contribute effectively, will improve the FSB’s ability to develop standards and rules that are responsive to the needs of key stakeholders in the global regulatory community, and will lead to greater compliance with global financial standards.