In this regard, I appreciate assurances by European leaders to the effect that QE must not substitute structural reforms. However, I have to admit that they made me think of a famous quotation from Goethe’s Faust: Die Botschaft hör ich wohl, allein mir fehlt der Glaube – I hear the message well, but lack Faith’s constant trust. 4.
Last but not the least, I would like to thank all of you who have made your own personal contribution to the success of the project and whose names I wouldn’t be able to mention now without running out of time: the managers of the individual components, the visiting experts and all those who took on the vital administrative work.