In 2004 and 2005, the governments of the three largest Member economies coalesced to try and dismantle the Stability and Growth Pact. It was a very fierce battle at the time, and the ECB publicly voiced its grave concerns. The recent crisis has demonstrated that growing underlying macroeconomic imbalances can also destabilise fiscal policies and place a country on an unsustainable trajectory.
At this time when banking has become a rather hot issue of geopolitics, we might wish to heed the grinding of the underlying geopolitical plates. It is, I believe, an opportune moment. Let us, then, over these days, give some thought to the implications of the structural issues of governance, I have touched on tonight.