Conditionality only applies to the banking sector, but this makes it all the more important that the Spanish government itself pushes vigorously ahead with the reforms to tackle the structural problems of the Spanish economy. It is definitely not the task of the eurosystem to substitute for national fiscal policies.
It has also provided us with enormous flexibility during the crisis. By adjusting the price, amount, maturity, allotment procedures and eligible collateral for our operations we have been effective in containing funding risks of banks and in addressing distress in the money market.