At the same time, the Governing Council made clear that it will carefully monitor all developments that might affect its assessment of risks to price stability. Turning to recent fiscal policy developments, you are very well aware of our serious concerns. In recent months we have seen a gradual move away from the commitments made under the Stability and Growth Pact.
Written in 1862, in the context  BIS Review 71/2010  1  of the debate about German nationality that occupied Germany during most of the XIXth century until its unification, the sentence reflects the caution of many participants to avoid any kind of nationalism.