In that recovery phase, the ECB will be very attentive, and if there will be credit supply constraints holding back the recovery momentum, we will be ready to act.
Even a European banking union based on sound institutions will not be able to meet expectations if it is not underpinned by prudent macroeconomic policies. Many European countries are currently making progress in cutting public expenditures, strengthening competitiveness, and improving their current account. They very much have to hold their course, since there is no alternative to those efforts.