Let me strongly emphasise that all the Member States concerned must honour the commitments made to achieving balanced budgets by 2003-04. Moreover, governments should pursue ambitious reforms with regard to the size and structure of public expenditure and revenue, also in order to create room for further tax cuts and to absorb the fiscal costs of population ageing.
Monetary policy will best contribute to the long-term growth prospects for the euro area if it remains firmly focused on the maintenance of price stability. This will create a stable monetary environment for economic agents to operate in.