On behalf of the Governing Council, I publicly denounced the liberties that in 2004–05 Germany, France and other major countries wanted to take, and indeed took, in the form of a Stability and Growth Pact that was weakened both in letter and in spirit.
We have constantly called for closer monitoring, not only of fiscal policies, but also of indicators of competitiveness and internal imbalances. Today, in the light of the crisis, everyone can see that we were right. And that you have a better chance of being listened to… I sincerely hope so.