Our trade relations with emerging Asia, Russia and with central and eastern European economies have strengthened noticeably over time. The share of emerging markets, taken together, in euro area trade has grown from about one-third, when the euro was introduced in 1999, to more than 40% today. Trade relations with India have equally strengthened over time. The euro area is also largely open financially.
Draghi: One thing is clear: if the governments in southern Europe continue with the successful implementation of policy reforms seen in the last few months, German taxpayers will make a profit from our purchases. There is no better protection against the euro crisis than successful structural reforms in southern Europe.