But of course there are conditions for the success of such an undertaking, which deserve thorough consideration. First, the effectiveness of the ESRC will crucially depend on the access of central banks to relevant data and information for risk assessment and monitoring of vulnerabilities in the EU financial system.
I interpret the recent reductions in the net pay of public servants not only as a significant contribution to correcting the budget deficit, but also as a signal of the realignment of overall wage rates in the economy that is needed to restore employment growth.