Even at national level, governments worry about the effect of fiscal policy on their country’s competitiveness. These developments are closely linked to the beneficial characteristics of the single currency. Exchange rate risks and the cost of foreign exchange transactions have ceased to burden European economies.
This will lead to more favourable conditions for all instruments used to finance the economy. Lastly, the easing of financing conditions also influences the exchange rate, although this is not an objective in and of itself. Where do we stand with respect to the programme’s implementation?