The Greek crisis in 2010. And in 2011–12, when market pressure shifted towards Spain and Italy. The European response resulted in, among other things, the creation of the ESM and the transfer of supervisory functions to the ECB. The actions of the ECB, with its Securities Markets Programme and Outright Monetary Transactions, were also crucial.
Now we are seeing growth across the whole euro area, with GDP rates at a ten-year high and unemployment – although still too high – at a ten-year low. The macroeconomic equilibrium has been restored almost everywhere. There has been a complete turnaround. It is gratifying. What has been the most important lesson for the ECB from these years of great crisis?