“Over the longer-term”, the President concluded, “it would be natural to reflect further on whether we have done enough in the euro area to preserve at all times the ability to use fiscal policy counter-cyclically. But it is also clear that… this could only take place in the context of a decisive step towards closer Fiscal Union”.
The ECB will do its part with the launch of its own overnight rate. We are aware that the launch of the new rate is essential in the sequencing of events for the year to come. In this regard, I am glad to confirm that the recently launched “shadow production” of the ECB overnight rate, is working well.