This goes back to the main challenge we are facing, because Europe at the moment is not competitive. We have many imbalances and my big worry is that we will slow down in Europe in terms of fiscal consolidations and reforms, whilst we have to step up.

This goes back to the main challenge we are facing, because Europe at the moment is not competitive. We have many imbalances and my big worry is that we will slow down in Europe in terms of fiscal consolidations and reforms, whilst we have to step up.

The good thing about the IMF is there is no European politics involved.

We are extremely vulnerable because we take too much time to implement the necessary measures. This is a painful process. When you go through a painful process - make it as short as possible

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