The Governing Council makes the decision collectively, so the nationality of the President is not a factor in how the policy is made. At the European level, concerns about moral hazard are addressed via the EU fiscal framework. It’s the responsibility of the European Commission and the European Council to monitor and discipline Members States, not that of the ECB.
And that’s appropriate, because fiscal policy is a political competence. It is not for the ECB to be involved in that. What we do say is that all countries are benefiting from favourable financing conditions. We do think that the low interest rate environment provides an opportunity for those countries which need to reduce their debt ratios – and that’s many countries.