It has now become almost impossible for experts, let alone the general public, to determine whether or not countries are complying with these budget rules. This naturally reduces the binding force of the rules.
Let me close by offering my heartfelt thanks for the many messages I have received since my nomination from individuals around the country who have written to wish me well and offer their support. I pledge to do my very best to meet the challenges that lie ahead. Thank you all for coming today. 2  BIS central bankers’ speeches