The labour movement regarded me as a hero then. Social ills The break with tradition, however, cannot be complete when addressing such an established forum. I will, therefore, digress slightly and venture an opinion on a few matters not related to economics and central banking.
Despite its emphasis on cyclically adjusted variables (such as the structural balance), the Stability and Growth Pact confers insufficient policy space for economic stabilization in times of large persistent negative shocks, whereas, in times of expansion, it does not offer incentives to strengthen national fiscal buffers.