Once there is renewed confidence in the euro area, the northern countries will no longer be the only safe havens. Money will then again flow freely and the recovery of confidence will lead to higher yields in the northern countries. Besides that, we have to conduct monetary policy for the whole euro area.
We cannot consider only one single point of interest.” Do you have any understanding for the fact that people in the north feel that they are having to pay for the mistakes made by the south? “I am well aware of this conflict. Some months ago, I held a lecture on Monetary Union in the United States.