Taking a broader perspective, I should like to take this opportunity to further emphasise the overall soundness of the institutional framework for monetary and economic policy laid down by the Treaty. In fact, the Treaty provides, in all fields, a clear and consistent allocation of policy objectives and responsibilities among the various policy-makers.
In this respect, it is the task of fiscal policy to make its contribution to enhancing the growth potential of the euro area by maintaining sound fiscal positions and helping to reinforce the proper framework for the functioning of a market economy. It is also important that fiscal policy maintains a medium-term orientation throughout the economic cycle.