I think that in the euro area we are moving in the right direction in this respect, particularly as regards the younger generation, but a lot remains to be done. Do you think that the euro will lead to greater political integration? That will be a decision to be taken by our master, the people of Europe, our fellow citizens.
At present, the democratically taken decisions in the euro area countries have told us that a single currency was necessary, but not a fully fledged political federation. But as I have already said, the Stability and Growth Pact contains far-reaching rules for national fiscal policies.