The combination of high debt levels and weak growth prospects in a number of European countries has raised significant concerns about their fiscal situations, leading to substantial increases in sovereign borrowing costs, concerns about the health of European banks, and associated reductions in confidence and the availability of credit in the euro area.
I have great respect for the work that both of you have achieved at the helm of the ECB. But I would also like to extend my gratitude to my other colleagues on the ECB Governing Council for their close and constructive collaboration.