And I haven’t even mentioned climate change. So how should we meet these challenges? It’s about continuing to focus on the fundamentals, about managing the short term while planning for the medium term, ensuring our frameworks are t-for-purpose and learning the lessons of the past while preparing for the future.
We trust these will play an important role in shaping the Commission’s new set of CMU measures for the benefit of the European citizens. [1] Hartmann, P., Heider, F., Papaioannou, E. and Lo Duca, M. (2007),  The role of financial markets and innovation in productivity and growth in Europe, Occasional Paper Series, No 72, ECB, September; Davis, J.