We know from our own experience here in Australia that the journey of financial reform can be a bumpy one. We also know that this journey is well worth undertaking, and leaves the financial system stronger, more efficient and better able to serve the needs of the real economy.
Its track record in terms of price stability is remarkable and better than what any of the euro area countries experienced over the last 50 years. The crisis did not change anything in this respect. On the contrary, in times of difficulty, turbulence and crisis, the role of the ECB as an anchor is even more important.