We were not at ease with the idea that in the heat of the crisis, all countries were called to spend as much as possible, embark on deficits as much as possible. I believe that the tensions we are observing in Europe today are part of a much more global phenomenon, namely the pressure on the sovereign signatures in the advanced economies.
The current tensions on some euro area sovereigns are therefore not only a euro area issue, but also have a European aspect and a global aspect. In comparison with most emerging economies, most advanced economies have to cope with a real challenge as regards their fiscal policies.