Most countries will have to reduce their deficit ratio to below 3% of GDP by 2013 at the latest. Accordingly, euro area Member States have presented medium-term consolidation strategies in their Stability Programmes which point to a strongly expenditurebased adjustment. Such an approach is warranted in view of strong increases in government spending during the crisis in most countries.
Let me at this early juncture thank our Chief Guest, Mr. Mutua Kilaka for accepting to launch our new website and to all our distinguished guests for joining the Central Bank fraternity in marking this occasion.