Some thoughts on the most recent backslide on the financial markets  I could have closed my speech with this rather positive outlook not even two weeks ago. However, since then the crisis has again raised its head, this time exposing the weak position of government budgets in some euro-area countries.
At first sight, the current problems seem to be rather different from what we experienced during the financial crisis. However, a second glance reveals that the underlying causes are quite similar, and so are the remedies. Just like the financial crisis itself, the current problems can be traced back to a limited number of factors.