opinion? “ i think it is important that we have a progressive improvement in the global governance. the g20 should be given credit for being the place where global governance could be effective. the g20 is called to be essential, appropriately enlightened by the imf, because we need to have both as good analytical presentations and diagnosis and the peer pressure of the g20. the g20 has to address the issues of the domestic large imbalances between savings and investments, and of the set of unsustainable external imbalances. we know that these imbalances have been at the roots of the present difficulties. if we don ’ t correct them, we ’ ll have the recipe for the next major crisis. and this of course would be totally unacceptable. ” could it be dangerous for the recovery, if governments would withdraw their support to the economy? “ one thing is sure. when time comes, systemic economies are not credible in going back to sustainable fiscal policy in the mid to long run. we won ’ t have the recovery which we are hoping for. because governments would not inspire confidence to households and corporate business. it is the evaporation of confidence that created this dramatic turmoil. now we have to do everything to rebuild confidence. ” when is the timing for a fiscal exit strategy? “ the position of the governing council of the ecb is that the fiscal adjustment process should start, in any case, not later than the economic recovery and that the consolidated effort should be stepped up in 2011. this is the position for the euro area as a whole. naturally some countries have more problems than others and they have to take into account their particular situation. ” in germany and italy there is a debate for cutting taxes – would it be a right way to support growth? “ the rule which is the best in terms of running a fiscal policy is : first, to be careful that the level of deficits in the mid - long term is in line with the stability and growth pact ; that the fiscal strategy is sustainable and inspire confidence. second : to go to this position you need to reduce public expenditure. and third, if it is not enough, you have to increase taxes. only in the case your reduction of spending is big enough to give you additional room you can embark on tax reductions. there is no other way to proceed. i ’ m not responding for italy, or for a particular country, it is simple arithmetic. ” how can a high ratio of debt

the exchange rates and the prosperity of the global economy that chairman ben bernanke, treasury secretary tim geithner and president obama underline “ that a strong dollar is in the interest of the us ”. i trust that it is not only true but that it is also very important for the global economic stability. ” which limitation to boni do you favour? “ i ’ m in agreement with the fsb terms of reference which seems to me very appropriate. seen from a central bank perspective, what is decisive is that the boni should not create incentives for taking absurdly high levels of risks that would materialise in a crisis of the type we are experiencing. the main problem, seen from our perspective is to be sure that the structure of remunerations is conducting to sound and wise decisions justified in the medium and long - term. ” are you satisfied with the commission ’ s proposal for the european surveillance system? “ the commission has now presented its proposals to the council, which is under the swedish presidency. as regards the ecb and its general council we stand ready to do all what we can for the european systemic risk board to fulfil its very important systemic responsibilities in the best fashion possible to the service of the european financial stability. ” are you satisfied with the outcome of the g20 meeting in pittsburgh? “ as this stage i would only make three short observations : first, we central banks appreciated that it is said that “ a sense of normalcy should not lead to complacency. ” second, i noted that it is also in the preamble that “ we will prepare our exit strategies and, when the time is right, withdraw our extraordinary policy support (.... ), maintaining a commitment to fiscal responsibility. ” third, it is particularly important that the g20 is designed to be the premier forum for international economic cooperation ; that the imf is asked to play a key role in the multilateral surveillance, that the financial stability board includes major systemic economies, and that the communique welcomes the key measures agreed by the oversight body of the basel committee. ”