Spreads on long-term bonds for Spain, Italy and Ireland have declined by around 150–250 basis points, and for Portugal by almost 500 basis points. And this has helped reduce financial fragmentation within the euro area, as shown by the best indicator we have for fragmentation, the level of Target balances. These have declined by 285 billion euros, or 25%, since the peak last year.
France, like all other member states, has benefited significantly from this stabilisation. In short, the ECB has been very active in responding to the crisis. We have robustly defended the stability of our monetary union and therefore of our money. And we stand ready to act again when needed.