It was, in my opinion, a grave error to increase mutual liability without simultaneously communitising fiscal control rights. However, if willingness to transfer sovereignty to Brussels is also limited in the euro-area countries, the monetary union can only be stabilised in the long term by reinforcing individual national responsibility in order to strike a balance between action and liability.
Incidentally, I mentioned this three years ago in my last speech here at the Munich Volkswirte Alumni-Club. On that note, I would now like to conclude my remarks and hand over to Professor James, whose speech I very much look forward to hearing. But before I do that, I would like to warmly congratulate today’s award winners, and to pass on my own thanks.