4  Conclusion  Ladies and gentlemen I have presented what I consider to be good news. The German economy is gaining in strength and the euro area has embarked on the path to recovery.
Providing banks with an ample supply of liquidity, coupled with low interest rates, helps to ensure that the economic crisis is not further aggravated by the financial system. And, indeed, the ECB Governing Council adopted a broad set of measures, including asset purchases, long-term central bank loans and collateral framework adjustments.