These recommendations are now in the process of being translated in changes to the legal framework, for which the European Commission already made proposals in September 2010. The importance of a strong commitment from euro area governments to the new framework and to an ambitious translation in the legal texts cannot be overstated.
But let me emphasise that restoring sound public finances is not only a challenge for the euro area. As mentioned before, government deficit and debt levels in many advanced economies outside the euro area have also risen to historically high levels.