And public finance is the water mouth of debt from all sectors in an economy in times of crisis. Regardless of whether private debt has been socialized or the problem was from the beginning in public finances itself, the outcome was a drastic increase in the public debt burden.
The Governing Council supports the actions taken by the European Commission in the context of the Stability and Growth Pact and the subsequent outcome of the ECOFIN Council meeting last month. In this same vein, vigilance is necessary to ensure strict adherence to the medium-term plans and implementation of the existing procedures.