But the fact that we have seen positive signs so quickly is revealing. It shows that investors are fundamentally confident in the overall trajectory of the euro area. They are ready to re-invest at the first signs of stabilisation. This underscores my central message today: the euro area is making progress – and investors are recognising that progress.
The benefits of stability for the euro area as a whole I have described how the measures taken by both the Member States and the ECB are beginning to improve confidence. This will ultimately lead to greater overall stability. The benefits of this do not accrue only to countries in difficulty. They accrue to the euro area as a whole.