Additional policy measures -- beyond monetary policies -- are vital to make a durable exit from the global financial crisis and to safeguard financial stability. Crisis legacies need to be addressed. The traction of monetary policies must be increased with complementary reforms and financial excesses need to be contained.
Behind the numbers lies an unusually complex set of forces shaping the world economy. Some, such as the decline in the price of oil and the evolution of exchange rates, are highly visible. Some, from crisis legacies to lower potential growth, play more of behind-the-scenes role but are important nevertheless. Let me briefly review them.
A mature dialogue between Cuba and the U.S. that stresses the common interests and values of both can mark new beginnings for our hemisphere. It's counterproductive that the U.S. State Department still includes Cuba in the list of State Sponsors of Terrorism. Such baseless inclusion is a clear obstacle for U.S. interests.
The public discussion about the causes of violent extremism has focused mainly on the socioeconomic and political conditions that exist in Arab countries. But we must also carefully consider how the events in the wake of World Wars I and II have impacted the psychological disposition of the Arab population throughout the Middle East.
I believe that one of the biggest things that will occur in this century is the diminution of theories of national economics. What's happening in Greece and Argentina right now suggests that this should happen -- sooner rather than later. Each of these countries is in conflict with the national law of a foreign country. Greece is in conflict with German law, Argentina with U.S. law.