Particularly as regards the government members of the Eurogroup, the ECB’s Governing Council has always considered that it was important that they would, as a college, live up to their very important responsibilities as regards fiscal policies, the monitoring of relative competitiveness and structural reforms.
I am therefore pleased that the Heads of state and government of the euro area could work out a solution, implementing their earlier declaration to “take determined and coordinated action, if needed…”, which maintains the lead responsibility of European policy makers. Monetary Union in Europe is far more than a monetary arrangement.