However, the Ecofin Council rejected a recommendation to this effect from the European Commission on 25 November last year. This precedent has greatly undermined the Commission’s credibility with respect to the threat of using sanctions when a country continues to pursue an undesirable fiscal policy.
This important consideration has played a key role throughout the different stages of the project. At the ECB, we take particular pride in the fact that our efforts will enable this remarkable building – designed by the architect Martin Elsässer – to be preserved.