The response to the debt crisis is first and foremost in national policies, in the complete implementation of the adjustment plans that have been agreed. Solidarity among the member countries of the Union must be matched by a sense of responsibility and compliance with the rules. The financial support of euro-area governments allows countries to proceed with adjustments sheltered from market volatility.
It seems to us that numbers something like that might well be seen over the next few quarters, with the result that the outcome for 1999 as a whole will be about 6 per cent of GDP.