A key common feature behind the success of the national programme related to both the green revolution and the white revolution (milk production) was the relatively homogeneous nature of cereal production and of milk. It was thus possible to design national programmes that were broadly applicable country wide with relatively easy regional variations.
Transforming the bank rescue packages already granted by the EFSF or ESM into ESM direct bank recapitalisation instruments – something which Ireland and Greece are looking to achieve – is not helpful in this connection. And it is key to uphold and defend the role played by central banks as independent institutions with a clear focus on safeguarding price stability. Thank you.