In general, it is true that, from the ECB’s point of view, monetary policy has had a lot to do to stimulate growth in recent years; better support by fiscal policy would allow the ECB to do the job better. We are convinced about that. Now, the kind of fiscal support necessarily differs from country to country depending on their budgetary and economic situation.
It is not a matter on which a central banker should express an overall opinion, and I will not be doing so. But the choice of currency regime does have important economic implications which need to be carefully assessed, and I believe it is appropriate for me to comment on those. One other point should be clarified at the outset.