complexity of creating it. consider, for example, the difficulty of measuring the marginal impact of a financial education program. it requires unique data collection techniques and unconventional tracking systems to gauge the benefit that an individual derives from making informed financial decisions that resulted from that educational program. socioeconomic trends for underserved populations and communities the relative paucity of data and research on community development programs has limited the ability to fully demonstrate the programs'impact and to credibly differentiate those that are effective from those that are not. undeniably, impressive local community development initiatives have been undertaken, and individual testimonials reveal advances in the economic well - being of many of the beneficiaries. however, the absence of formal data collection and research for the numerous neighborhood revitalization efforts over the past several decades has resulted in a reliance on mostly anecdotal reporting at a neighborhood or individual level. anecdotal information is not without value. it offers clues to the construction of a more - formal statistical analysis. but, as i am sure all of you know from experience, anecdotes are selective and can convey a false message about the success or failure of a program. given the lack of data that can be used to measure the success of new initiatives, the inclination is to examine the data that does exist to identify trends in areas where community development organizations have been a consistent presence for some time. when broad positive trends cannot be completely attributed to conventional market forces, perhaps community development is at least a partial explanation. since community development initiatives focus on traditionally underserved populations - lower - income families and communities - economic indicators relating to these markets may offer some insight into the influence of local economic and social programs. for example, according to a 2003 study by the brookings institution, the number of people living in high - poverty neighborhoods decreased 24 percent between 1990 and 2000. much more dramatic improvements occurred in some cities, such as detroit, where the decrease was 75 percent. in addition, the report found that concentrated poverty decreased among all racial and ethnic groups, with the percentage of african - americans living in high - poverty neighborhoods declining from 30 percent in 1990 to 19 percent in 2000. these data present an encouraging picture of improvement in the economic condition of very low - income families and communities. the data also reveal gains in homeownership among low - income and minority populations. the federal reserve board's 2001 survey of consumer finances ( scf ) concluded that, between 1998 and 2001

a macroeconomic imbalances procedure. greater automaticity in the implementation of the sgp is needed when unsustainable policies put the stability of the euro area as a whole at risk. credible economic governance needs to be consistent and predictable. it also needs to be backed by timely, tough sanctions to encourage compliance. fiscal surveillance should set ambitious benchmarks for excessive deficit and for setting the adjustment path towards a country ’ s medium - term budgetary objective. the liquidity dry - ups and contagion risks also call for stronger backstop mechanisms, to provide significant, albeit temporary, liquidity assistance. stronger financial supervision at euro area level is also essential. finally, national authorities need to take ownership of their european commitments. this means anchoring eu rules in their national legislation and making them mandatory and being held to account by domestic parliaments. economic governance is not only about preventing crises, but also about creating the conditions for economic growth. at present, this is a major challenge requiring greater coordination across the euro area. projections of the euro area ’ s long - term growth prospects remain weak, depressed by the fiscal burden of age - related expenditure, slow productivity growth, and on going debt sustainability challenges. i agree with recent comments by professor rogoff that europe needs to do more to reverse this trend. it is essential to give renewed impetus to a comprehensive and ambitious programme of growth - enhancing structural reforms supported by intensive monitoring and follow - up. let me conclude. it is precisely against the backdrop of the challenges stemming from the current crisis that we can fully appreciate the invaluable contributions of scholars like kenneth rogoff. i extend my sincerest congratulations to him as he receives the 2011 deutsche bank prize in financial economics, a well - deserved recognition for his work. bis central bankers ’ speeches