The reduction in the deficit to below 3 per cent of GDP coupled with government debt below the 60 per cent level, which is deemed by the Maastricht Treaty participants as the level beyond which fiscal health is at risk, paint a robust picture.
Earlier today, my colleague Vítor Constâncio discussed the rationale of this reform agenda in great detail. I will therefore not elaborate on this. But I would like to echo his assessment. The repair of the institutional architecture of EMU will contribute to addressing the underlying causes of the crisis, thereby also supporting the smooth functioning of EMU in the future. Conclusions Let me conclude.