And since we obviously want the latter, what is certain is that we can no longer rely on recipes of the past, characterised by: •  a myopic focus on the present, at the detriment of the future,  •  a consumption behaviour, verging on overindulgence, that has been exceeding the productive capacity of the economy by far,  •  selective and at will compliance with laws and regulations,  •  shifting of responsibility onto others,  •  a refusal to make the slightest effort towards consensus-building,  •  dogmatic interpretations of reality,  •  claims to maintain acquired privileges which go against the interest of society as a whole,  •  a short-termist and an easy-profit culture.
The pact does not require a budget balance at all times but instead calls for a rapid adjustment towards the medium-term objective. The crisis also forced the member countries to reconsider banking regulation and supervision arrangements.