As regards the Stability and Growth Pact most recent events, I would only say that the Governing Council shared the concerns of the Commission on the ECOFIN Council conclusions of 25 November 2003 and made it public. The Commission is the guardian of the Treaty and the Governing Council of the ECB respects the recent Commission’s decision to seek legal clarity.
I already said publicly that the Governing Council does not see a need for changes in the Treaty, and the Stability and Growth Pact in its current form is appropriate in its view.