If, for instance, this kind of debt relief was given in the beginning of the first adjustment programme, it would have had a more positive impact on the economy, possibly limiting output and employment losses. Last, but not least, the Stability and Growth Path (SGP) failed to avert the soaring public debt in the pre-crisis period.
The Eurosystem has noted the unilateral decision of the Montenegrin government to introduce the Deutsche Mark - effectively the euro - as a parallel currency in its territory, following on from a similar decision by the United Nations Administration in Kosovo. In this context, I should like to make it absolutely clear that such unilateral action in no way commits the Eurosystem.