Some effects from the reforms that have been implemented are already showing – in unit labour costs, in competitiveness, in export growth. I would not endanger this by deviating now from the course and jeopardise the confidence in the long overdue policy change. On Italy, are you satisfied about the way it is tackling the reforms?
What we did was to insure euro area banks against present and future liquidity shortfalls. Banks are the backbone of our financial system. 70% of firms’ external financing comes from banks. They finance a very large share of the investments made in Europe. Jeopardising banks’ ability to lend to companies would have meant jeopardising the jobs of millions of Europeans.