In emerging markets in particular, I would like to point to the urgency of financial reforms that will decrease the precautionary motive for savings and assist the efficient channelling of savings in the domestic economies.
In the case of the EU, the new Constitution does not signify the start of a new political era. Why then has the EU embarked on a constitutional process? Speaking as an outside observer to the process, it seems to me that the Constitution is to serve two purposes. The first purpose is renovation. The EU has to be made fit for the future.