In this regard, current government commitments to start consolidation in 2011 at the latest and to go well beyond the structural benchmark for adjustment of 0.5% of GDP per annum represent the minimum requirement for all euro area countries.
This is the endogenous dynamic of the interest rate in the current context of uncertainty. High interest rates carry a cost for many sectors in the short term. However, the alternative carries a higher cost in the current context. This monetary policy protects us from uncertainty, whether domestic or external, and will bring about lasting benefits for society as a whole.