Governor Kuroda, I would like to thank you and your team in the name of the Bundesbank and our Tokyo team: it has been and continues to be a privilege to work side by side with you and the team of the Bank of Japan. We are deeply thankful for the warm welcome, for your support and for your honest, friendly, and effective cooperation.
While fiscal developments since the launch of the euro have been much better, overall, than developments in the period prior to the start of economic and monetary union (EMU), there has only been a limited reduction in the overall level of indebtedness across the euro area [Euro area aggregate in % of GDP: government budget balance: 1995: –5.0, 2007: –0.6, 2009: –6.3, 2011: –6.1; government gross debt: 1995: 72.5, 2007: 66.0, 2009: 78.7, 2011: 88.5].