By changing the rules of the Pact in the ways suggested by some economists, we might solve some problems. But we would also create new and possibly greater problems than we have today. In the end, what matters for Europe is that there remains a public consensus on the importance of sound fiscal policies.
The transition to the euro was virtually free of technical faults. We created almost overnight a unified money market, which, despite the formidable transaction overload, functioned smoothly from the very start.