In this regard as well, largescale monetary easing, which provides support for the economy, is playing an important role. Third, tax revenues have increased, reflecting economic growth. Fourth, with regard to prices, we are now in a situation where the economy is no longer in deflation, in the sense of a sustained decline in prices.
In gradually developing a flexible set of rules for granting relief on inter-governmental debts, mostly the debts of developing countries, the Club has made a major contribution to the orderly operation of the international financial system. The principle of conditionality is critical.