But it should also be considered the worst

The new dedicated vehicle will help raise funds to bring relief to the countries of the eurozone in difficulty isn't at the bottom a debt Agency

This is not an agency, or a new institution, but of a European financial stabilization mechanism supplied by the Member States guarantees. This is what we found more effective and more operational, and I welcome.

The mechanism to assist a country in difficulty was modelled on the laborious assistance plan to the Greece. To avoid the pitfalls

I think so. It is not a secret, the Commission would have preferred a more conventional Community instrument, but the SPV meets the same objectives. The important thing for me is that it is operational. As criticisms of the plan of assistance to the Greece, we was commissioned on 11 April by the Council to develop a plan of support, we decided the distribution of the contributions of Europe and the IMF on May 2 and then a week before we finalise an agreement elapsed. It is a rather quick time. This took more time, it is to negotiate the counterparties with Athens. With the Greek case, we have longer experience, we can take advantage of if necessary.

In addition to the Greece, the conclusions published at the end of the meeting of European Finance Ministers refer to the Spain and the Portugal. Is it the next two countries on the list

Cannot deny it, the Spain and the Portugal were the subject of speculative attacks in recent weeks. They must take steps now to improve the situation of public finances in both this year and next year. We look forward to firm foot. The subject will be on the agenda of the next meeting of Finance Ministers of the Union, on 18 May. But there are also other countries to accelerate their fiscal consolidation. All must take their responsibilities without delay.

The Italy part of the lot

The Italy is a little apart, because it did not use of fiscal stimuli in proportions as mass than most other countries of the euro area. Its public debt is still high and it must continue to strengthen its fiscal consolidation efforts.

And the France

It must also speed up its consolidation. In this field, the announcement of a freeze on public spending by the Prime Minister François Fillon is going in the right direction.

The Commission must do so as soon as tomorrow new proposals to strengthen economic governance. What is it

We act on three pillars. Strengthen the stability and Growth Pact, in particular by improving preventive monitoring. Need to create a system to check the outline of the budget proposals before the Governments would submit them to their parliaments. It is the heart of our proposal, a measure that we find it absolutely necessary to strengthen the economic and Monetary Union. Address the problem of macroeconomic imbalances, then, and in particular to competitiveness gaps. We make concrete proposals to create new indicators in this area. The third pillar should draw lessons from the financial crisis and the Greek case by creating a permanent mechanism for crisis management. The mechanism that we just launched is in principle expected that for three years. We must supplement it by a more perennial device.

Are you going to propose sanctions against weak countries, as requested by the Germany

I prefer prevention to sanctions. The first two pillars of our proposals should allow to avoid recurrence of cases such as the Greece. But it should also be considered the worst. We must encourage more virtuous countries, but also consider sanctions against those who do not play the game. The possibility to exclude from the euro area the recalcitrant countries do not a good solution, because it would have to amend the treaties, which would take much time for an uncertain result.

The G7 and IMF participation in the negotiations on Sunday and the pressures of President Obama have not shown that the Union was unable to resolve only as serious a crisis

I do not see this international mobilization as a pressure, but rather as a support. We have very good relations with the IMF and an excellent dialogue with its President Dominique Strauss-Kahn. The contribution of the IMF plan of assistance to the Greece, but also to the new European mechanism, shows that we are all in the same boat and it is important that we work together, especially since the bankruptcy of Lehman Brothers.