There are many practical and political challenges to be overcome on the way. But if we could reach agreement on deepening and/or broadening NAFTA, it would be extremely valuable. It would spread the benefits of competition across more industries, reduce uncertainty stemming from unilateral trade actions, and greatly reduce non-tariff barriers (which are often even greater impediments to trade than tariffs).
What matters above everything else – and it is absolutely essential – is that Greece regains control of its economic balances, that Greece itself implements the measures for restoring its budget, government accounts and competitiveness as quickly and as rigorously as possible. What matters is that it implements rigorous structural reforms and resolves to embark on a privatisation programme.