Interview: Jacques de Larosière

To the public, major EU governments and the European Council seem to be on a collision course with Europe's central bankers on the fiscal rules governing the eurozone and specifically on the stability and growth pact. Is there room for compromise between the European Council and the ECB on the stability and growth pact?

I don't think the question is whether to reach a "compromise" on the stability and growth pact. Indeed, the word compromise suggests concessions on both sides. Furthermore, the