It is not only on account of the growing interest burdens that rising government debt ratios restrict the available budgetary policy options for growth-promoting investment in, for example, education and make it harder to tackle the challenges posed by the foreseeable budgetary burdens arising from demographic developments.
We have to find a new way to build trust among the Member States and the peoples of Europe – a way that builds on existing institutions to better ensure that the common needs of the people are met. The needs that we share in common, and that can be more safely delivered in common, must be identified and explained more clearly.