This means that we will continue to apply fixed-rate tender procedures with full allotment in all our refinancing operations at least until mid-July. II. Interaction between banks and sovereign debt  Let me now turn to the specific topics you have asked me to address and start with sovereign debt.
I should like to emphasise once again that the right way to avoid the risk of sovereign debt crises in an economic and monetary union is through sound national macroeconomic policies and strengthened economic governance. At the same time, the governments have considered that a permanent crisis management mechanism would be useful.