We now know that this was not the final stage. The crisis and subsequent adjustment have created considerable uncertainty and social hardship. Yet, there are encouraging signs that the situation is changing and that Europe is gradually moving towards recovery. Fragmentation has significantly receded in euro area financial markets. What we need now is to create the conditions for a sustained recovery.
And we all have a role to play. First, in nurturing a still weak and uneven recovery. The ECB has a key role to play in this respect. Second, in creating conditions for sustainable long-term growth. And finally, in enhancing democratic accountability and developing a shared vision of the future of European integration.