Ms Brenda McVeigh:

On that point, we are not behind on this, for the simple reason that we are chairing the working party meetings and are raising all of these issues. We are there and are aware that other member states are having the same issues with it. Many of them, even the participating member states, are having the same issues we are having.

The Commission has been asked for an impact analysis. Specifically, at the next working party meeting, which is 22 May, we have asked for a presentation by members from institutions like the European Investment Bank and the European Bank for Reconstruction and Development to come to talk to member states about the debt impact and the impact on Sovereigns with regard to debt management. Our understanding, following advice from the Council legal services, is that they cannot attend and present at working party meetings, but we plan to keep this alive and before member states and keep them focused on it by producing a paper before the working party meeting in May which we will give to members. At the moment we are teasing out the possibility of asking members, possibly as a derogation from normal procedures, to allow the likes of the EIB to come to the following meeting, scheduled for June, to discuss the presentation and the paper.