Yes, that is an important point, and the role of the ECB is central. Many of us would like to see it being more proactive far sooner than it has been in the past, but its more assertive role could be critical in the future.
Another concern is the circularity of having the facility guaranteed by the same group of countries that might draw on the fund. For example, we all know that Italy’s situation could become difficult, yet Italy is a country that is, at the same time, ensuring that resources are going into the fund that it might itself be required to draw on. That strange relationship and potential incompatibility at the heart of the ESM needs to be thought about carefully. What is important is what is being established here and now. Nevertheless, as situations develop, it becomes all the more important to review the circumstances.
The credit rating of the ESM is another issue. We all know that certain countries, including a number of eurozone countries, have been downgraded in the not-too-distant past. That includes France, which came as a big surprise to many people. The EFSF has been downgraded, too, and we must be sure that that does not develop further with respect to the ESM.