Conditions in financial markets As I noted, a sustained recovery in economic activity depends critically on restoring stability to the financial system. Conditions in a number of financial markets have improved in recent weeks, reflecting in part the somewhat more encouraging economic data.
And yet it is the final stretch that determines the final result. That’s why we must not falter in our efforts to pursue productivity-enhancing reforms which alone can provide a sound footing for stronger growth. Suffice it to say, correcting misalignments solely at the national level doesn’t go far enough. What we also need are structural reforms at the European level.