They are now well known, so let me be concise and point to the three main aspects, which relate to fiscal discipline, macroeconomic surveillance and crisis management. Let me start with two general, but important points.
The first is that these proposals do not change the fundamental nature of the euro area, in particular with respect to the basic allocation of responsibilities in relation to budgetary policy, which remains in the hands of the national authorities. There is no need to have a single budgetary policy in the euro area. No need for a so-called transfer union.