As I have explained, the institutional model of the ECB has proved its worth by delivering price stability over the first 12 years of the euro’s existence. This is fully in line with our primary mandate according to the Maastricht Treaty. As I frequently said, all institutions, whether European or national, must be up to their responsibilities.
The ECB is responsible for monetary union, in full independence. The national governments, individually and collectively, duly enlightened by the Commission, are responsible for the Economic Union. The European governments have to fulfil their duties in full. They must face up with the present difficulties by implementing rigorously their national adjustment programmes and by considerably reinforcing their collective governance of Economic Union.