Third, there was no coherent strategy in terms of harmonisation of rules and surveillance of the financial sector. Finally, no European crisis management framework was in place when the sovereign debt crisis struck. However, the crisis has provided the occasion for the euro area, and the EU at large, to equip itself with new instruments to address these weaknesses.
Our fiscal outlook has improved in response to a sustainable rise in tax revenue, while the narrowing of the current account deficit has been driven by more favourable trends in external trade. Last time we met at the presentation of the February Report, we expressed no doubts as to the continuation of growth in exports and economic activity in the coming years.