Whatever we have achieved, we achieved as members of team BSP. Fellow BSPers. As we continue our journey amid constant shifts in the national and global landscape, the path before us seem challenging. Nevertheless, with the lessons learned and the expertise we have gained in our first 20 years, I am confident that we will continue to deliver on our mandate.
In light of this, to some extent it would be tempting to say that, as far as fiscal policy is concerned, the Treaty and the Stability and Growth Pact were simply ignored; an  BIS Review 23/2010  5  inconvenient obstacle that was brushed aside. But for at least four reasons, I think such a critical view would be too simplistic and inappropriate.