I should like to emphasise once again that the right way to avoid the risk of sovereign debt crises in an economic and monetary union is through sound national macroeconomic policies and strengthened economic governance. At the same time, the governments have considered that a permanent crisis management mechanism would be useful.
From the side of the European Central Bank, the design of such a mechanism is essential for it to provide a positive contribution to financial stability in the euro area as a whole. I would like to highlight two aspects: first, the mechanism may in no way weaken the incentives for sound fiscal and macroeconomic policies pursued in all member states.