But how will you respond if their deficit exceeds 5% of GDP, or even reaches 7%, as some forecasts suggest? Will you intervene? It’s not necessarily up to you, but it’s instability that... It’s up to the Commission and the governments to ensure compliance with the budgetary rules.
2/3  BIS central bankers' speeches  It’s true that in Frankfurt we consider these rules important, because the euro is a community, we are in this together. It’s like shared ownership, so we start by respecting the rules. Yesterday Mario Draghi, the President of the ECB, felt the need to mention that the euro is “irreversible” when talking about Italy.