We consider the Pact as key to ensuring macroeconomic stability on a sustainable basis. It is a framework which is necessary to preserve sound fiscal policies in the euro area, for which strict surveillance and effective peer pressure on national budget policies are indispensable.
Answer 1: Firstly, from a central bank perspective a clear priority for EU securities infrastructures is to overcome the current fragmentation which leads to unnecessarily high costs, especially for cross-border transactions. I see T2S as a good example of this.