We have a sound real economy with buffers, but there is limited scope for reducing interest rates and providing fiscal stimuli next time the economy goes into recession. When that happens, the financial sector cannot and should not be part of the problem. International cooperation under pressure Now I will turn my attention to international cooperation.
We are fortunate to live in an age of rule-based international organisations set up by a few forward-looking generations that came just before ours. In the field of economics, the IMF, the World Bank, the WTO, the OECD, the EU and the euro project should be highlighted.