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The precondition is that policymakers also adopt and implement the steps required to deal with the financial crisis and crisis of confidence.
First and foremost are the Member States’ own efforts to reform. In Spain, the programme adopted to strengthen the banking sector supplements a far-reaching package to consolidate the budget and increase growth and competitiveness. Italy has undertaken decisive measures to stabilise its government budget and simultaneously made significant progress in its structural reforms. The Portuguese and Irish programmes are progressing well. Ireland yesterday successfully placed longer term papers for the first time. The restoration of market confidence is a visible sign that the adjustment programme is bearing fruit.
The eurozone’s institutional framework must be strengthened further as well. To this end, the European Council of 28-29 June 2012 mandated the President of the European Council, in cooperation with the presidents of the Commission, Eurogroup and ECB, to develop for this autumn a roadmap on the future of Economic and Monetary Union and how to strengthen it institutionally.