At present, virtually the only country with fiscal buffer is Germany. France needs to keep reducing its deficit to below 3% of GDP in order to restore its resilience to shocks. And what else is needed? The ECB needs a well-functioning political framework, which requires coordination and trust between the member countries.
This has made financial reporting a complex process. However, looking at the upside of it, these disclosure requirements will empower the stakeholders in making relevant decisions. The BSP believes that this uncovering of more information, will help us realize our vision of full transparency, which is one of the pillars of good corporate governance.