For instance, higher risk premiums in response to unsustainable policies in one Member State could spill over to other euro-area countries. Euro-area membership thus also means compliance with a stringent regulatory framework, the Stability and Growth Pact.
Thank you for giving it to France 2 and Télématin. French people knew you as the Minister of Economy and then as Managing Director of the International Monetary Fund (IMF). And now, as head of the ECB, you have an even more powerful role and the financial markets scrutinise everything you say. Do you have to weigh every word?