When the crisis escalated in early summer, the ECB had three options: first, do nothing, allowing the crisis to get worse and worse with greater risks, particularly for the German taxpayer; second, provide support unconditionally; or third, provide support under certain conditions. The ECB chose the third option because that was the best way to combat the causes of the crisis.
Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area – and our independence. SPIEGEL: Experience teaches us somewhat differently. If you artificially lower interest rates, it makes it easier for governments to become indebted and decreases the pressure for reform.