The euro area Heads of State or Government fully support this determination, as the credibility of all their sovereign signatures is a decisive element for financial stability in the euro area as a whole.” This declaration is, in my view, extremely important. What are the risks in the discussions over Greece? The ECB has a clear position.
However, the Treaty lays down clear criteria for entry into the euro area, and requires their fulfilment in a sustainable manner. The eventual entry of new Member States into the euro area will also require an adaptation of the institutional framework of the ESCB.