* * *  Mr Cœuré, the European Central Bank (ECB) took on a very important role in stabilising the euro area during the crisis. How can Europe avoid overburdening the ECB with problems which should be solved by politicians? To avoid overburdening the ECB, the euro area needs a strong economic pillar and a strong fiscal pillar.
And let me add a personal remark: the world today is in disarray. It needs Europe to provide economic stability and political direction. Europe, therefore, has to be strong and have a clear sense of where it wants to go. In order to become stronger, Europe is discussing the banking union, a euro area budget and a sort of European Monetary Fund.