To ensure that monetary union remains a stability union, it is important to reinforce the principle of national fiscal responsibility built into the founding architecture of monetary union. Those who wish to keep control of their fiscal policy decisions must also bear the consequences. This is also an essential precondition for the capital markets to have a disciplining effect. 5.
Conclusion  Ladies and gentlemen, this brings me to the end of my speech. There is no doubt that capital markets perform important macroeconomic functions. The increasingly important role of the capital markets as a source of corporate financing is a positive development, particularly as they diversify firms’ funding structure and make them less vulnerable to crises.