To be sure, sometimes it is reasonable to interpret rules against the backdrop of specific national circumstances, but sometimes it is not. So we need to analyse all the options and discretionary scope provided at the national level very carefully. The ECB and the national supervisors have just kick-started this evaluation process and until now, a number of national options have been harmonised.
In the current situation it is therefore extremely important to keep a tight rein on government expenditure. It will be interesting to see when growth in public spending once again falls below 1.0 per cent. Since the millennium this has only been the case in 2003. Does the Council believe it will be in 2007, when growth of 0.7 per cent is anticipated?