All say the same thing: we are not against ECB intervention to correct market anomalies. But it only makes sense if the economic and fiscal policies pursued aim at correcting imbalances and restoring balanced public finances. Some people are now expecting Greece and Spain to leave the euro. Are you preparing for such a scenario? We are not contemplating a Greek departure from the euro area. Moreover, such a scenario is not provided for by the Treaty. There is therefore no plan to prepare a country’s exit from the euro. Besides, comparing Spain to Greece makes little sense. The two situations are completely dissimilar. Spain is competitive. Paradoxically, with the crisis, it is even more competitive than a year ago as the growth of its exports shows. It has serious problems to manage such as the situation of its banks, of its property developers and the indebtedness of its autonomous regions. But Spain is taking the necessary measures: it is pushing through impressive reforms and reinventing its growth model. In your opinion, how did the euro area get into this situation? The euro area is not simply confronted with a financial crisis. It is facing a challenge: it must complete its construction. During the setting up of the euro area and subsequently during its first years of existence, governments acted with an inadequate sense of responsibility. Its construction was incomplete. Fiscal rules were not sufficiently strict and, moreover, they were often ignored. There was a form of cowardliness.

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