During an upswing there exists a risk of “budgetary exuberance” - in other words, a lower deficit being interpreted as progress in terms of consolidation, even though it is due solely to an improvement in the cyclical situation. Particularly in periods when the economy is improving, finance ministers who take consolidation seriously have to look not only at the unadjusted budgets.
If a boat is caught in a storm, the crew needs to cooperate closely, not work at cross purposes. Europe will not be able to establish a joint defence capability or improve border control unless it has a robust economy. That is why we urgently need to strengthen the euro area. We cannot afford to have another ten years of crisis.