"In the Eurozone, expansionary monetary policy has not been coordinated with (domestic) fiscal policies. This has meant that the anticipated gains have not been fully realized. The end of the surveillance program implemented by the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) for some countries (e.g. Ireland) represents a step forward toward growth and recovery. At the same time, the failure to lower public spending and reduce public debt within highly indebted European countries (Italy, Greece, Spain and France) in the presence of poor economic performance for 2014 and 2015 should push for a revised approach to effectively achieve growth (i.e. austerity should be reconsidered).

In the last year, international institutions have not addressed the sovereign debt crisis resolution framework- a necessary pillar for stabilizing expectations in the global financial system."

"The EU and the USA are well advanced in adopting the new regulatory systems relative to other G-20 countries. However, this comes at the detriment of consistency and coherence between the two jurisdictions. The largest financial markets have not yet fully coordinated their regulatory systems to avoid arbitrage and effectively reduce moral hazard; this limits the global recovery, negatively influences expectations and reduces the speed of growth.

The complex European regulatory and supervision framework that follows the De Larosiere High-Level Working Group (2009) recommendations produces a relevant increase in the structural costs of the banking and financial system, but, at present, the associated benefits have not yet shown up."