National fiscal policies are still decided at the national level while the resulting costs are borne by all member states. This approach lacks credibility because of its inconsistency. The lack of success in containing the crisis does not justify overstretching the mandate of the central bank and making it responsible for solving the crisis.
However, a clear commitment to our mandate is an indispensable element of a prosperous future for the euro. It was only for this purpose that the Eurosystem was granted independence and this independence is not only a right but an obligation. I am convinced that the current crisis of confidence can not be overcome if trust in the legal and economic framework is lost.