Attaching more importance to reviving this principle would represent major progress – including with respect to the sovereign debt crisis. 4  Conclusion  Ladies and gentlemen, dear members of the International Bankers’ Club, I have touched upon various aspects which I believe to be essential for overcoming the sovereign debt crisis.
At the EU summit last week, policymakers decided to adopt a “fiscal compact” designed to strengthen, and in some cases go beyond, the Maastricht Stability and Growth Pact. This is, in principle, a good first step, but it has yet to prove its usefulness and effectiveness in “everyday use”.