That being said all governments of the euro area, without exception, have the task to be credible in the sustainability of their fiscal policies. It is our permanent message. You know for some time our finance minister, Teixeira dos Santos. He was able to cut fiscal deficit between 2005 and 2008. Is he the right person to do it again right now?
It is not the responsibility of the ECB to give good marks and bad marks to finance ministers! All what goes resolutely and courageously in the direction of sound fiscal policies and improvements in the cost competitiveness of the economy has to be accelerated. It is essential.