The ECB and the macroeconomic adjustment programmes Let me now turn to a topic that the Chair has asked me specifically to address, namely the macroeconomic adjustment programmes and the ECB’s role in their negotiation and monitoring.
Benoît Cœuré spoke on this topic here last year, so I will be brief; but of course, we can discuss more during the Q&A session if you wish. To understand our role in the programme work, one needs to recall the initial conditions in which the programme setup was established.