With a view to arresting and hopefully reversing this destructive momentum, ECB has conducted two operations, once at the end of last year and another at the end of this February, supplying an unlimited amount of three-year funds. The subsequent return of relative calm to global financial markets demonstrates that central bank liquidity can play an important role.
I can only say that the crisis has shown that the monetary union is incomplete and that the weaknesses need to be remedied. Germany helps the euro best by further strengthening its competitiveness and promoting growth. Whatever helps that process is right, everything else is wrong. SPIEGEL: Many economists represent a completely different theory.