Cœuré: I would not speak of a credit crunch, but some countries are indeed facing tight credit conditions, and this has not improved much recently. That is one reason for keeping interest rates low. But that is obviously not enough.
Can a banking union perhaps help to stabilise the banks in southern Europe, so that they can reassume their task of financing the real economy? Asmussen: Yes, in particular the asset quality review that the ECB will undertake, together with national supervisors and external controllers, next year is crucial.