BIS central bankers’ speeches  5  Given the large number of firms still under pressure, implementation of an effective and speedy but surgical approach to corporate restructuring could have a big impact. By reinvigorating the Irish business sector, it would ultimately help boost economy-wide employment. Requiring unusual and scarce skills and judgment, this is a task which urgently deserves heightened attention.
Allow me to stress on this occasion that in the Governing Council’s view it is crucial for the smooth functioning of EMU that all countries comply with the rules and provisions of the Stability and Growth Pact, given that the Stability and Growth Pact is an indispensable part of the institutional setting.