Mr. Jean-Claude Trichet:

I think that it is a very, very important point. We normally have a certain capacity in the euro area to respond to asymmetric shocks because, let's not forget, in normal times the fiscal balance should be balanced or in surplus ... in normal times. And it's in difficult times that we can go down to minus 3%. So normally, all countries should ... in normal times ... in times of asymmetric shocks, those who are hit by the asymmetric shock should have 3% of GDP of fiscal cartridge, if I may, to utilise and try to resist the crisis. That's one. You will tell me perhaps 3% is very meagre, it should be higher and so forth - but it is the rationale behind the balance of in surplus rule.

Another very important point is the point of banking union and, I would say, capital union more generally as is mentioned now. Because it is clear in the United States of America that to resist an asymmetric shock the capital union, or the financial union, of the United States of America plays a very important role - because the financial risks are disseminated all over the US and because the credit is more abundant to finance states that have more difficulty. So I think that through both the SGP, on one hand, and this banking union ... capital union, on the other hand, we have two ways of being perhaps on the safer side. Now, when we speak of the embryo of budget of the euro area, or more than a number of budgets of the euro area, we are also thinking of a possible cushion in terms of problems. But, it is more for perhaps for the euro area as a whole, for the entire euro area, if there are particular shocks to weather. But again I think that we should not forget that not only the fiscal channel is important to resist and, I would say, weather asymmetric shocks but also the capital union ... financial union.