A general consensus has emerged on the need for monetary policy to focus on the achievement and maintenance of price stability. In many countries, a higher level of fiscal discipline has also favoured the pursuit of a stability-oriented monetary policy and has set the conditions for a more sustainable economic growth.
While these are certainly important policy achievements, still, as emphasised by the IMF in its latest World Economic Outlook, important challenges lie ahead and need to be addressed by policymakers around the world if a long-lasting and sustainable recovery is to be ensured. The growing international integration of capital markets offers great opportunities for a more efficient allocation of global resources.