This brings me to the second part of my remarks. Sound fiscal policies: a pre-condition for monetary union After one of the most difficult years for our still young common currency, it is time to turn the page. It is time for each and every Member State to live up to its responsibilities.
And it is time to strengthen the code of conduct for national governments, notably the Stability and Growth Pact, of which I will not hesitate to say that Theo Waigel is the founding father. We know that for several years fiscal policies in some countries have breached both the letter and the spirit of the Pact.