The worst thing would have been benign neglect by the Europeans, which was a big danger at the beginning. Having overcome this temptation, the rescue brought together the conditionality and the financial support from the IMF and the European partners, which was necessary. Q. On the subject of eurobonds, Europe has no treasury, unlike the United States.
Do you think that a step could be taken in that direction? A. At the present stage of European integration, with the current institutional framework, we consider that a major improvement in governance, particularly in fiscal policy, is absolutely decisive. At this stage we are not in favour of euro bonds. Q. What is your opinion of Zapatero? A.