Governments must take responsibility for the consequences of their own fiscal decisions, Deutsche Bundesbank president Jens Weidmann said today.

Speaking at a conference in Venice, Weidmann pointedly stressed the importance of strict rules in the absence of fiscal union in Europe. He said the Stability and Growth Pact, which aims to limit deficit spending, is supplemented by the "liability principle" – that governments must pay for their fiscal autonomy by accepting responsibility for their