Fabio Panetta: Healing after the pandemic - supporting and sustaining the recovery Speech by Mr Fabio Panetta, Member of the Executive Board of the European Central Bank, at the 24th Economist Roundtable with the Government of Greece, Athens, 15 September 2020.
The Heads of State and Government of the European Union followed a second avenue, as they wanted to retain the ability to decide on budgetary matters, in particular concerning the imposition of sanctions on countries not respecting the rules. They did not want to deprive themselves of their powers in favour of the European Commission, nor to bind themselves with a rulesbased approach.