In this regard, I look forward to hearing the deliberations of the Committee. Recognizing the data we have on hand for the second quarter is quite mixed and still limited, and there is important near-term uncertainty, there would appear to be an advantage to waiting until developments provide greater confidence.
In this set-up, in which there is a multiplicity of actors, certain rules are indispensable. Rules provide a clear allocation of responsibilities and thereby set appropriate incentives. If they are abided by, these rules create an efficient co-ordination device for budgetary policies within the euro area.