The defence of savings, above all through the stability of intermediaries, and the allocation of these resources by the banking system to the benefit of the most valid and innovative firms through efficient disbursement are indispensable in order to raise the economy’s potential growth rate. Consistent action on the part of politicians, the social partners and firms themselves must strengthen the signs of recovery.
The perception by firms and households of a will to proceed in this direction by making up the shortcomings and encouraging productivity and competitiveness can dispel pessimism, foster a more solid recovery of economic activity and investment and put our economy back on the track of growth. BIS Review 70/2004  5