Naturally, my theme today is adapted to the focus of the Conference. Thus today I want to talk mainly about bringing the public finances back to a sustainable position. I will also touch on two central tasks of my new role, namely price developments and the reform of the banking system, though mainly insofar as they interact with the budgetary situation.
These measures – when phased in gradually with the economy recovering – contribute to long term economic growth, not least by preventing such high costs of a crisis we are currently experiencing. If there is one uncontested lesson from the crisis it is that systemic risks were largely underestimated and, therefore, make the development of a comprehensive macroprudential supervision absolutely essential.