4  BIS Review 119/2009  Indeed, it has been argued that this independence might be excessive, given the responsibilities that governments also have regarding financial stability. However, the institutional arrangement proposed by the Commission strikes an appropriate balance between the different interests.
Once fully phased in, the Pact will discourage deviant behaviours in fiscal policy and, at the same time, restore governments' capability to provide automatic stabilisation when general income conditions worsen. Fiscal balances close enough to zero or displaying a surplus in normal circumstances will create sufficient room for manoeuvre at times in which the economy operates below its potential.