References Committee on International Economic Policy and Reform (2011), “Rethinking Central Banking”, Brookings Institution, Washington. Cottarelli, Carlo (2012), “Fiscal Policy in Advanced Economies: Fiscal Adjustment, Efficiency and Growth”, Presentation at the Milan Catholic University, March 13. Perotti, Roberto (2011), “The ‘Austerity Myth’: Gain Without Pain?”, BIS Working Papers, No. 362.
Governors, notwithstanding these achievements on the domestic scene, allow me to underscore the consequences of the fragile international economic environment for our economies. The medium to long-term prospects for the global economy remain very uncertain.