It is a great pleasure for me to be able to address you on the future of economic governance in Europe in a global perspective. Economic governance is a highly topical issue that is being worked on at this very moment in both policy and academic circles.
European and global governance are of course interconnected, and the financial and economic turmoil sweeping over the world economy since 2007 is having fundamental effects on both. Accordingly, I will start by highlighting the lessons of the financial crisis for standard economic policy and theory, which will have a substantial impact on our methodologies for understanding the workings of markets and economies.