The integrity of the euro area has been preserved and financial conditions are improving for programme countries, notably for Ireland, which has safely exited its programme. Spain too has exited its banking sector programme. Progress on fiscal and external rebalancing and on structural reforms has also been very significant. Looking ahead, we need to prevent any return to the complacency of the past.
In any market economy, though, we rely on banks and other financiers to make the underwriting decisions, and this is what needs to be right as the recovery expands.