And that’s a lost opportunity. What remains to be done to complete Economic and Monetary Union is profoundly political. It’s not a technical discussion. It’s about the appropriate degree of solidarity and of discipline that is needed to make the eurozone more resilient and protect it in times of crisis, and that is highly political.
Despite that low-income countries have succeeded in maintaining strong growth reflecting better macro-economic policies, their external environments remain challenging. In essence, the global recovery is still fragile despite improved prospects and significant downside risks. The challenge to growth has further fueled by recent geo-political risks, a sort of deflation in Euro zone and external environment, which could result in further financial turmoil.