Further efforts are essential for that. The focal points of the reforms are well known: greater flexibility on the labour market, reform of social security and consolidation of public finances. I will have something to say on these areas of reform in the second part of my talk. However, I would first like to shed some light on the current economic situation.
Across the world, countries with the lowest creditworthiness and with the most difficult access to international market financing are generally those with the poorest Human Development Indices. To a large extent, poor households ‘pay’ for the low credit quality of their sovereign.