So do you think that the stability pact doesn’t actually offer increased flexibility? The stability pact offers enough flexibility to take the short-term cost of structural reform into consideration. However, we should not go off course to such an extent that we lose credibility. Unlike growth, the inflation figures are not in line with your scenarios. How do you explain this?
3. On the subject of governance, there’s a discussion in various quarters about the possibility of creating European bonds. Former Italian Prime Minister Romano Prodi has proposed the creation of a fund guaranteed by the gold reserves of countries that would issue bonds to buy back national debt and make new investments.