Mr. Vasileios Madouros:

It is mainly to help the committee in performing its duties. Budgetary policy and fiscal policy are critical for any economy but they are particularly critical for a small open economy within a monetary union where monetary policy is set for the euro area as a whole. In that context, fiscal policy and budgetary policy are important macro stabilisation tools. It is important to have the institutional frameworks that ensure fiscal policy operates effectively with a focus on the longer term and on a sustainable basis. The Committee on Budgetary Oversight is a key part of that overall institutional framework. From our perspective-----