* * * To conclude, since the introduction of the euro, we have always shown our willingness to invest greatly in the analytical capacity of the ECB and the national central banks of the euro area, as well as the readiness to adjust our tools to account for all the factors affecting the pursuit of price stability preservation.
Monetary policy is in danger of becoming dependent on political decisions, and it is unclear whether it will then be able to free itself from the clutches of fiscal policy. This ultimately binds monetary policy into the rescue packages. In addition, conditionality has to be credibly enforced; that remains the main challenge.