In the early years of EMU, the Stability and Growth Pact led to an end of ever-rising debt ratios. Since then, fiscal discipline has regrettably deteriorated in some Member States, which cannot be explained by weak economic growth alone. The Governing Council of the ECB is seriously concerned about the recent changes to the Stability and Growth Pact.
*  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to today’s press conference here in Dublin. I would like to thank Governor Hurley for his kind hospitality and to express our special gratitude to his staff for the excellent organisation of the meeting of the Governing Council.