4 See Bongini, P., Ferrando, A., Rossi, E. and Rossolini, M. (2021), “SME access to market-based finance across  Eurozone countries”, Small Business Economics, Vol. 56, pp. 1667-1697; and Hsu, P., Tian, X. and Xu, Y. (2014), “Financial development and innovation: Cross-country evidence”, Journal of Financial Economics, Vol. 112, No 1, pp. 116-135. 4/4  BIS central bankers' speeches
Any loosening of fiscal commitments, or initiatives to "re-interpret" the Stability and Growth Pact itself, can only be counterproductive in the current circumstances, since this could undermine the confidence in the determination of the euro area to stick to a stability-oriented fiscal policy.