The advantages of accessing pool of capital to finance development are recognised in the commitment to move gradually to fuller capital account convertibility. But the move is to be made gradually at a pace which enables the authorities to deal with unexpected volatility. In controlling capital flows it is important to recognise the relative attractiveness of different types of flows.
It is only they who can bring about the much-needed reforms, and it is only they who have the democratic mandate to do so. For that reason alone, it is politicians who have to play the leading role. And it is you, ladies and gentlemen, you, the voters in the euro area, who stand behind them.