In this respect, the ECB will be co-operating with the European Commission and the Member States to ensure that there will be no duplication of effort. *  *  *  BIS Review 15/1999
Countries need clear rules to guide policy-making, and sanctions if they stray from a sustainable path. For those still hesitating whether to go that far, let me recall what happened some years ago: after a period generally acknowledged as a period of economic fair weather, governments decided to weaken the Stability and Growth Pact in 2004 and 2005.