The Stability and Growth Pact, with its sanctions, constrains budgetary decisions and therefore limits national sovereignty in terms of fiscal policy. As long as the transfer of sovereignty to European institutions has been decided by our own democracies, it is fully legitimate. Zeit: And we’ll end up with a European super-state?
Trichet: The people of Europe will decide where they want to go in terms of the political and institutional framework. They will decide whether or not to create a fully fledged federation, a United States of Europe. But we are a long way from that at the moment. Zeit: For you personally, that’s not fast enough, is it?