The impressive performance of the U.S. economy over the past couple of decades, despite shocks that in the past would have surely produced marked economic disruption, offers the clearest evidence of the benefits of increased market flexibility.
The Greek government can use the opportunities created by this concessional funding support provided by European partners to undertake reforms and maintain a prudent fiscal path, with the ultimate objective of allowing a return to full market financing. Looking ahead, whether long-term debt sustainability will require further effort by the Member States is not for the ECB to decide.