Mr. Marco Buti:

When we entered monetary union, the basic co-ordination rules were enshrined in the Stability and Growth Pact and monetary policy was attributed to the European Central Bank. At the time, we did not have the full set of tools that was put in place later on. I refer to firewalls like the European financial stability facility and the European Stability Mechanism that have been put in place to help countries in trouble. We had the no-bailout rule which was enshrined in the treaty. At the time, this was considered to be sufficient to deal with these matters.