Although the precise nature of these commitments depends on the specific situations in the various participating countries, I would like to stress in this context the importance of pursuing sound fiscal policies and a stability-oriented monetary policy, as well as measures to enhance the flexibility and adaptability of the economy.
In December, the euro area heads of state and government agreed to strengthen the ESM’s role in crisis prevention and crisis management. In principle, I believe this to be a sensible move, as it has already proved itself to be highly adept at combating sovereign debt crises.