As regards the European fiscal framework, the Governing Council is convinced that, whilst substantial improvements in the implementation of the Stability and Growth Pact are welcome, there is no need for changes to the text of the Treaty and of the Pact itself, namely the regulations concerned.
The Pact is a very important and pertinent framework for dealing with countries’ fiscal developments on a level playing-field, particularly within the single currency area. At the same time, we consider that improvements could be introduced in its implementation.