of undocumented immigrants are excluded from access to financial services, even when these services are available in the same spaces for documented persons. Equally problematic for countries like The Bahamas, there has been a dilution of access from the disproportionate application of global anti-money laundering and counter financing of terrorism standards, on low-risk, retail segments of our financial community.
This is why, since 2014, the ECB has gradually placed more emphasis on the macroeconomic policy mix in the euro area.4 A more active fiscal policy in the euro area would make it possible to adjust our policies more quickly and lead to higher interest rates.