We experienced that on the occasion of the first and second oil shock in the 70’s, when the authorities’ response created mass unemployment in Europe for the first time since World War II. To sum up, a number of countries have the possibility to use their room for manoeuvring. Others have not.
In all cases we have a framework which is the Stability and Growth Pact. FOLHA – What about this idea France has launched of an European economic government? TRICHET – There are some suggestions saying that the euro area needs an economic government.