Let it be understood that the Bundesbank certainly does not reject this agenda, since it addresses the areas that need to be addressed; moreover, reforms are crucial to establishing more solid foundations for the global economy. However, it is important to avoid measures which hamper or prevent market-economy processes without recognisably reinforcing stability.
Blind faith in the market lost its appeal, at the latest, with the onset of the crisis. Yet this does not mean that statism and government control are the right answers to the crisis. The cost of attempts to achieve politically desirable market results and structures is likely to be high – indeed, too high.