All countries would benefit from intensifying efforts towards achieving a more growth-friendly composition of public finances. A full, transparent and consistent implementation of the Stability and Growth Pact and of the macroeconomic imbalance procedure over time and across countries remains essential to increase the resilience of the euro area economy. Deepening Economic and Monetary Union remains a priority.
The Governing Council urges specific and decisive steps to complete the banking union and the capital markets union. We are now at your disposal for questions. *** 2 / 10  BIS central bankers' speeches  I notice that you have changed somewhat your monetary policy statement, dropping the commitment to increase the size of quantitative easing, if necessary.