A single, strong bank resolution fund could ensure that. For the euro area member states, the ESM – the single euro rescue fund – provides extra insurance and will act as the ultimate back stop when all other funds have been depleted. Again, it is important to ensure equal treatment of participating euro area and non-euro area member states.
Short-run deviations from the primary objective which we observed in past months should clearly not be taken as a reason to end the process of wage moderation which has been so effective in contributing to the reduction of unemployment which we observed over the last years. It is crucial that medium- and long-term inflation expectations remain safely below 2%. 3.