Equally, measures could be taken in the labour market – as happened two and a half years ago in Spain, where the results can now  BIS central bankers’ speeches  1  be seen. The important thing is to honour our commitments. Promised reform is all too often delayed or, sometimes not even implemented at all.
So do you think that the stability pact doesn’t actually offer increased flexibility? The stability pact offers enough flexibility to take the short-term cost of structural reform into consideration. However, we should not go off course to such an extent that we lose credibility. Unlike growth, the inflation figures are not in line with your scenarios. How do you explain this?