Throughout that debate, the ECB clearly and consistently stated its position, namely that improvements in the implementation of the Pact, particularly the strengthening of its “preventive arm”, were possible and, indeed, welcome.
At the same time, the ECB warned against any weakening of the Pact’s “corrective arm” and of the provisions governing the excessive deficit procedure, as these could be detrimental to the credibility of the fiscal framework. In March 2005 the European Council unanimously approved a number of changes to the Pact.