No. That’s a clear answer. Where does the problem lie? Structural reforms are not being implemented quickly enough; sometimes the existing fiscal leeway is not being used. That also applies to Europe’s largest economies. You mean Germany as well? Among others. What is your main criticism? The low interest rate environment has opened a window.
But it is not being used by many European countries – to reduce their debts, for instance. That would build confidence. There must be an institution or a mechanism which monitors precisely that. Institutionally, we have the European Commission, which should be the guardian of the EU’s treaties. If the existing rules are not respected and nobody feels responsible, there’s a governance problem.