*  *  *  The many lessons learned from the crisis that began in 2007–2008 have given rise to an ambitious, internationally coordinated, and broad-based set of regulatory reforms. The new regulatory framework not only strengthens requirements and supervision at the microprudential level, but it also incorporates new macroprudential requirements.
As matters stand, there appears to be consensus that euro area economic growth will slow down to some extent in 1999, driven largely by a weakening in net exports. In its latest forecast, published on 21 October 1998, the Commission has revised downwards aggregate euro area real GDP growth to 2.6% in 1999, compared with 3.2% projected earlier this year.