also become highly exposed to economic developments in the region. this has been highlighted by the financial crisis in advanced european countries, and by the subsequent sovereign debt crisis in parts of the euro area. let me make a few remarks on the euro area, which witnessed a year of turnaround with respect to the crisis in 2013. after three quarters of positive real gdp growth, the economic recovery in the euro area is gradually taking hold, albeit still at a modest pace, but increasingly less unevenly than before. this is good news not only for us, but also for the whole european continent, including the western balkans. substantial progress at the national level has been made across the euro area in terms of fiscal consolidation, and the structural reform process is ongoing. but there is no room for complacency and euro area countries cannot afford to let past consolidation achievements unravel, thereby jeopardising the medium - term downward trajectory for their public debt ratios. decisive additional steps are also needed to reform product and labour markets with a view to further improving competitiveness, raising potential growth, generating employment opportunities and making the economy more flexible. these same issues are also relevant for western balkan economies, where the unfinished structural reform agenda constitutes a drag on potential growth and where countries also face the challenge of fiscal consolidation, even though circumstances differ from one country to the other. just as governments and other policy - makers need to live up to their responsibilities in order to achieve their objectives, the ecb continues to focus on its primary mandate of delivering price stability. in the wake of the extraordinarily challenging circumstances of the past five years or so, this had implied taking decisive standard and non - standard measures. in particular, the need to deliver on our mandate in conditions marked by financial fragmentation and an impairment of the monetary transmission mechanism has been demanding and has required taking recourse to exceptional tools. well - anchored medium to longer - term inflation expectations in line with our definition of price stability are an indication of a successful policy in the context of a prolonged period of low inflation. our forward guidance is helping to deliver the appropriate monetary policy stance warranted by the outlook for price stability. with our monetary policy stance, we are also supporting the gradual recovery in economic activity. let me stress, however, that what monetary policy can achieve in this regard is limited. every policy - maker needs to live up to its responsibilities in order to overcome the challenges with which the euro area is still being confronted, and this is no

but what was helpful to the fiscal authorities of the oecd is that they received support from the analysis carried out at that institution, as well as from their colleagues around the oecd table. this is another area where a regional table for the americas would be a tremendous help. fiscal authorities from the region could gather to exchange policy advice and develop strategies to deal with their situations. and civil servants could gather to share best practices with regard to tax and expenditure issues. we in canada and the united states can offer advice. but, ultimately, fiscal policy in most of latin america is a political problem, and it will be up to the people and governments of latin america to solve it. trade policy the final area i want to address is trade policy. we can all agree that more open trade is key to economic development. canadians and americans have clearly benefited from freer trade, and there is a reasonable degree of support for further trade liberalization. however, in latin america, there is much greater resistance to freer trade, and much greater popular support for protectionist policies. indeed, a number of countries have chosen to adopt trade policies that impede growth and jeopardize improvements in living standards. but while governments in canada and the united states generally favour and advocate freer trade, we don't always act on our own beliefs. and since we do a poor job in demonstrating our own willingness to live by the principles we espouse, it's not surprising that we in canada and the united states have been unable to convince our neighbours in the americas that the best way to raise incomes and lift people out of poverty is by taking on the challenges of free trade and global competition. one way for us to do a better job is to work more diligently towards a resumption of the doha round of trade talks, and to show a greater willingness to open our own markets to products in which latin american countries have a comparative advantage. i recognize that it is easy for me, as a central banker, to say that we need to confront our own protectionism. but this is a political problem that we in canada and the united states have to solve. these areas – monetary policy, financial sector policy, fiscal policy, and trade – are what i see as the four major economic policy challenges for latin america. and these are four areas where it would be very helpful to have a forum for economic policy - makers in the americas, a forum that could facilitate greater co -