Secondly, ECB has to considerably reinforce the resilience of the global financial system and the soundness of the real global economy. The objective of all the measures taken are to avoid that in few years from now, a new crisis would emerge that would be similar to the current one. That would be unforgivable.

 

He added that the international community has engaged in drawing all lessons from the crisis. The international community agreed on the method, on the role of the G20, on the role of the Financial Stability Board, and on the role of international financial institutions, in particular the crucial role of the International Monetary Fund, and also of the Bank for International Settlements, which during the past years has shown remarkable lucidity in its analysis.

 

However he pointed out that the current situation is still very difficult and very unpredictable. Today’s priority is “rapidity of execution.” Decisions that have already been taken should be implemented swiftly. This holds true, in particular, for recapitalisation, as currently only about 55% of funds earmarked for recapitalisation have been used in the euro area. In crisis times, rapid implementation is crucial. As concerns global governance, he insisted on the absolute necessity to reinforce macroeconomic policy surveillance of systematically important countries and economies. The IMF has to play a fundamental role in such monitoring, coupled with responsible and active peer surveillance.

 

To conclude he added that central banks have a fundamental role in ensuring monetary and financial stability from a long-term perspective. The world economy can count on central banks to continue to act as anchors of stability, which are more needed than ever.