Merci Tommaso, notre ami si cher, notre ami si regretté, pour cette amitié profonde et pour tout ce que tu as fait au service de notre Union Européenne. I thank you for your attention. BIS central bankers’ speeches  3
It is the duty of policymakers to take preventive action against expected disorderly outcomes, such as those resulting from current account and fiscal imbalances. Thank you for your attention. 3  See “Financial Integration in Europe”, ECB, Frankfurt am Main, April 2012. 4  See Obstfeld, M. “International Liquidity: The Fiscal Dimension”, NBER WP No. 17379, September 2011. BIS central bankers’ speeches  3