Calls for compliance with agreed fiscal policy rules are often rejected as meddling in national matters by those who, on other occasions, demand greater mutual liability. In this context, sound budgets are a key prerequisite for the stability of the single currency, for which every member state is responsible.
Our actions will be datadriven and step-by-step, as I have already emphasised at other occasions. The Governing Council expects APP net purchases to be concluded in the summer. From today’s vantage point, they could be wrapped up at the end of June. In my view, that should be followed by a timely initial rate hike, which could be in July.