Let me briefly discuss what we believe can be the euro area’s contribution to the adjustment of global imbalances. This view is consistent with the agreed G7 policy strategy aimed at achieving a turnaround in the path of global imbalances.
By proving that domestic conditions are in place, external conditions will ensue and be strengthened.   In terms of domestic conditions, social cohesion must be ensured and consensus among social partners, as well as a broad consensus between political players, must be reached.