None of this is new. The need for such reforms is widely recognised, and in many of these areas measures have already been adopted. However, the pace of implementation remains slow, meaning that the benefits are not yet visible. At the present critical juncture, all of these reforms must be pushed forward simultaneously, with boldness and resolve and without being watered down.
THE RESTRUCTURING OF THE BANKING SYSTEM WILL CONTRIBUTE TO ECONOMIC RECOVERY AND GROWTH The recession and the evolution of credit flows interact The fiscal crisis and the climate of uncertainty have significantly worsened financial conditions during the past two years.