Mr. Vasileios Madouros:

The way we think about this - it goes back to the response I gave to the Deputy's question earlier - is that fiscal policy has a particularly important role to play in terms of macro stabilisation. It is especially important that, in a context where monetary policy is set for the euro area as a whole, fiscal policy acts in a way that does not lead to pro-cyclical dynamics in the economy, which is why our advice focuses on the fiscal anchor and prioritising investment within an overall fiscal envelope.