If we allow further growth, in what form should that be? It again can be addressed in two ways. We either allow them to grow in the existing set up or UCBs above a certain threshold may assume a new corporate identity. 14.
I share Mario Draghi’s view that the euro area needs a fiscal instrument that is institutionally independent and has the capacity and size to act countercyclically. Without such an instrument, it will be very difficult for the euro area to have a fiscal policy like that of other countries such as the United States. And what about Spain?