Conclusion In concluding and summing up my remarks, I strongly believe that the best contribution that a large economy like the euro area can make to the international financial system is to ensure macroeconomic stability "at home" by pursuing policies which lead to sustainable non-inflationary growth in the euro area.
This has been observed not only for highly rated large corporations but also for other corporations, for the financial as well as the non-financial sector. Third, banks have been able to re-access the market, for both funding and raising capital. Also, the strong divergence in funding costs across countries has fallen.