In particular, I would like to show that recent financial market developments confirm the credibility of the reform actions taken at European and national level. We can clearly see that investor confidence is slowly returning, that the persistent euro area financial market fragmentation is decreasing and that contagion is receding.
This does not mean that the euro area and its member countries can rest on their laurels, as some efforts are still needed to bring an end to the crisis and to put Economic and Monetary Union (EMU) on a stronger footing.