In particular, the sovereign bond yield spreads of the euro-area countries most affected have decreased significantly over the past two years. The fall in long-term interest rates has reduced those countries’ borrowing costs considerably. Markets are rewarding adjustment progress in the stressed countries.
I had asked for an amendment in the banking legislation to empower the Bank to require every financial institution to make a statement of account available to the guarantor of any credit facility. The law was amended in December 2012.