We should also ensure proper arrangements to allow for the well-sequenced and effective spending of these funds. I therefore welcome the recent contribution by this Parliament to foster transparency and accountability in the use of EU fiscal support. It is thus more important than ever for monetary policy and fiscal policy to keep working hand in hand.
The Treaty’s safeguards ensure that this is done in full respect of the ECB’s mandate and independence. Conclusion Let me conclude by underlining that Europe’s response to the crisis thus far has not only been impressive, it has also been highly effective.