Ladies and Gentlemen, for the regulators, especially in developing countries, it is important to strike a suitable balance between draconian regulation, on the one hand, and absolute liberty in the way funds are managed and invested, on the other.
First, I would like to share with you some stylised facts on the features of the European Union’s and the euro area’s economic integration process. Second, I would like to look at some ideas regarding economic adjustment processes, particularly in the euro area. Finally, I would like to talk about Europe in a global context. 2.