Historical experience shows that the market principle remains by far the best basis for an economic system, although we know that markets need rules and that the existing regulatory and supervisory framework has to be enhanced. The role of government should be scaled down after the crisis.
No matter how serious the current crisis is, governments should ultimately cease to perform non-government tasks and the private sector should step in again. Fourth, fiscal positions in most euro area countries represents a challenge for the Stability and Growth Pact. Any weakening of the peer pressure mechanism on which the fiscal framework rests must be avoided.