According to the IMF central forecast, after contracting by 1 per cent in 2009 global activity should return to growth of 3 per cent in 2010 thanks to a modest upturn in the advanced economies and more vigorous expansion in the emerging and developing countries. By way of comparison, the average world economic growth rate between 2002 and 2007 was around 5 per cent.
Stronger institutions, clearer and fairer rules (equal treatment for all Member States) and an appropriate stick/carrot system will help improve vital coordination of economic policies. Great progress has already been made towards strengthening rules (for example, the six-pack, the two-pack, the Fiscal Compact) and institutions (for example, the new financial supervision architecture, strengthening the role of the Eurogroup).