And when such an important topic as “Effective Crisis Management in the Financial Sector” is on the agenda, I am especially happy to be here. So I thank you sincerely for your invitation and wish to present my thoughts on a legal topic, using an economic point of view. What is it about?
The Governing Council is convinced that improvements in the implementation of the Pact are possible. At the same time, it reiterates its position that it would be counterproductive to change the Regulations, dilute the 3% deficit limit or weaken the excessive deficit procedure.