This implies that we need to have an even better understanding of the link between macroeconomic and financial surveillance. Closer collaboration between global institutions such as the International Monetary Fund and the informal grouping that is the Financial Stability Forum would be helpful. In addition, the IMF needs to improve its surveillance, including financial surveillance, especially as regards systemically important countries.
Many countries will need to specify further credible consolidation measures for 2010 and beyond. Full and consistent implementation of the EU's legal provisions for sound fiscal policies is a prerequisite for the maintenance of their credibility as one of the pillars of the institutional framework of Economic and Monetary Union.