This implies that domestic economic policies are confronting very different conditions at home and are thus moved by different, not necessarily consistent, objectives. With the notable exception of Germany, economic growth remains feeble in the advanced countries, too slow to help redress seriously weakened fiscal balances and unemployment rates. Expansionary policies have exhausted their margins of maneuver.
We have recently concluded our audit and assessment of a sample of the banks’ end 2013 target returns, which you discussed recently with the various institutions. Based on the information submitted the banks have proposed sufficient numbers of solutions to meet the targets of proposing solutions to 50 per cent of those in arrears and concluding 15 per cent of these cases.