In all cases we have a framework which is the Stability and Growth Pact. FOLHA – What about this idea France has launched of an European economic government? TRICHET – There are some suggestions saying that the euro area needs an economic government.
And I have to say that a large number of other voices would accept “economic governance” but not the expression “economic government”, in particular because they fear it could mean exerting pressure on the independent central bank. As President of the ECB, I always make the point that the central bank is totally independent.