Parturient montes, nascetur ridiculus mus

Ώδινεν όρος και έτεκε μυν

A Montanha pariu um rato

11. 

All euro area Member States will adhere strictly to the agreed fiscal targets, 

improve competitiveness and address macro-economic imbalances. 

Public deficits in all countriesexcept those under a programme 

will be brought below 3% by 2013 at the latest. 

In this context, 

we welcome the budgetary package recently presented by the Italian government
which will enable it to bring the deficit below 3% in 2012 

and to achieve balance budget in 2014. 

We also welcome the ambitious reforms undertaken by Spain in the fiscal, 

financial and structural area. 

As a follow up to the results of bank stress tests, 

Member States will provide backstops to banks as appropriate.

in STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA
AND EU INSTITUTIONS

Brussels, 21 July 2011

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painting by Lucien Freud

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