Such reforms could help give the Stability and Growth Pact credible, transparent and binding rules, combining ﬂexibility and solidity. 6/13  Unfortunately, the national statistics are now less meaningful inasmuch as they do not include new European-level borrowing for the Next Generation EU off-budget ﬁnancing instrument. This could give rise to the illusion that additional EU debt does not burden Member States.
We have avoided the collapse of the financial system, supported the functioning of the transmission of monetary policy to the economy and, ultimately, ensured price stability, thereby supporting the European economy. However, these measures are by their nature temporary.