We have taken note of the precise additional commitments taken by some euro area governments to accelerate fiscal consolidation and to ensure the sustainability of their public finances.” I have nothing to withdraw from these remarks of May 2010. They remain fully valid. We expect from governments strict respect for the principle of budgetary discipline and effective mutual surveillance.
It is of utmost importance that these commitments are now implemented strictly and timely. They need to be backed by concrete measures. This applies to both the IMF/EU adjustment programmes and the renewed commitment of all euro area governments to the agreed fiscal targets.