The fact that some countries have been able to better control public finances before and during the crisis may set an example to others. This applies also to the quality of public expenditures and to the reforms related to the costs of ageing, health care and unemployment. Decentralisation also enhances accountability and allows better supervision by the voters.
It is a fact that the environment is such that the neutral real interest rate… …that means the interest at which real GDP is growing at its trend rate and inflation is stable… … That this rate is negative at the moment and that it will be very low or even negative for quite a while.