However, serious lapses observed in governance framework during the crisis, tilted the balance in favour of more rigorous regulation. I am of the view that both regulation and corporate governance have to complement each other. Effective regulation furthers corporate governance and effective corporate governance ensures that the objectives of the regulation are met, with minimal regulatory intervention.
How can we reverse the dramatic increase in unemployment? Reducing minimum wages in the private sector, removing rigidities in the wage-setting system: these are key elements of the strategy for accelerating the internal devaluation. They may not be popular, but there is no way around it if we want to create the basis for renewed competitiveness and employment growth.