The proposals fall within the competence of the European Commission and the decision lies in the hands of the representatives of the governments of the Member States, namely the Council of the European Union. Our responsability is to remind all parties of the conditions which enable Economic and Monetary Union to function coherently.
Since the introduction of the euro, the main criticism by many economists across the Atlantic has been that, in launching a single currency before achieving a political federation and a federal budget, we have put the cart before the horse. We took indeed a bold step. But our response to these criticisms was the Stability and Growth Pact.