Against such a backdrop, it surprises me that the escape clause for deviation from the fiscal rules was recently already extended to 2023. Furthermore, there sometimes seems to be the impression that fiscal rules will no longer be truly binding in future.
These are the wrong signals to send if we want to generate confidence in sound government finances even in an environment of rising interest rates. In any case, it would be fatal if governments were to assume that the Eurosystem will ultimately be ready to assure favourable financing terms for the Member States.