The financial stability of the euro area is a different story. This has been undermined by mismanagement on the part of certain governments. However, following the decisions taken this week, I am confident that governments can succeed in restoring financial stability. A critical issue in this respect will be the will of the people.
I was very impressed by the decisiveness displayed by the German parliament this week. BIS central bankers’ speeches  1  The euro’s rescue fund is being significantly strengthened, with its total firepower set to reach € billion. Does this mean that the ECB will, in future, be able to do without its controversial purchases of stressed countries’ government bonds?