4  BIS Review 33/2004  Moreover, we would probably all agree that tax and spending ratios in some countries are too high and unfavourable for investment and economic dynamism. Expenditure-based fiscal consolidation and reform that would credibly reduce disincentives to work, invest and innovate could have significant confidence effects even in the short run.
We continue to work to sustain these fundamental improvements while also ensuring that regulation is both effective and efficient. Thank you. I am happy to take your questions. 1/1  BIS central bankers' speeches