As you might know, the details of the pact for stability and growth are now being worked out. I expect that at its June 1997 meeting in Amsterdam, which will be hosted by De Nederlandsche Bank, the European Council will reach full agreement on this most important issue.
As you are all well aware, what this means is that the growth paths and growth rates of the advanced and the emerging economies are diverging. And this concept, I would say, is one integral part of the new paradigm that has emerged since the crisis.