Between November 2014 and the beginning of January 2016, the yields on ten-year government securities decreased by about 40 basis points in the euro area, and by about 90 basis points in Italy; the adjustment of portfolios towards assets in other currencies led to a depreciation of the euro of 13 per cent against the dollar and 6 per cent in nominal effective terms.
The Fund has a role to play in new macro-critical areas; also it should maintain its tailored advice on appropriate country-specific policies and remain the key institution in the Global Financial Safety Net. We welcome the Fund’s work in new areas such as the digital economy, the FinTech industry, and in facilitating policies that promote inclusive growth, i.e. ensure equal opportunities for all.