There is no need for a Treaty change to achieve the large part of proposals which are required and that we have put forward. There is also no time. As I mentioned previously, the doubts raised by financial markets about the ability of the system to become more resilient need to be answered quickly.
If these answers are linked to a long and uncertain ratification process, doubts will spread again. Let me now turn to the discussions which have taken place so far on the three main building blocs of the reform.