Concurrently, reforms have also focused on developing financial markets, removal of structural bottlenecks, introduction of new players and instruments, market-determined pricing of financial assets and improved clearing and settlement practices. In essence, the thrust has been to create depth and liquidity and promote efficient price discovery.
Moreover, confronted with a serious malfunctioning of the market for sovereign debt last spring, the Governing Council of the ECB intervened in that market. This intervention was meant to ensure a smoother transmission of monetary policy in all euro-area economies. It is now a great pleasure for me to welcome our keynote speaker, Mr. Erik Berglöf, Chief Economist of the EBRD.