Our monetary policy measures, including the new series of TLTROs that we announced in March, will help to safeguard favourable bank lending conditions and will continue to support access to financing, in particular for small and medium-sized enterprises.
What are the implications of these developments for the functioning of the monetary union? What lessons can we draw from this experience for economic adjustment in EMU? The key point I want to make here is that macroeconomic imbalances and unsustainable fiscal policies are the root cause of the sovereign debt crisis in the euro area.