What would you say in defence of your institution, Mr Cœuré? I’ve read Jean Quatremer’s book, “Il faut achever l’euro”. Now, when he speaks of the “democratic hold-up” he’s not talking about the ECB, but about European institutions and the way the euro functions in general. And it’s true, I agree with him: there’s a democratic deficit in the way the euro area functions.
Look at the discussion with Greece. Extremely painful measures have been discussed for the Greek economy, for the Greek people, and this discussion was between the Greek minister and the other 18 finance ministers – it never went to the European Parliament. So there is a problem. But it’s not the ECB.