Excessive government bond spreads have gone down, corporate bond and covered bond spreads have tightened, and a number of banks in stressed countries have been able to regain market access. These developments are very important for the prospective financing of the real economy. The relative stabilisation that has occurred, however, does not rely solely on the determination that we have shown at the ECB.
It also relies, crucially, on the determination of governments to validate two assumptions: First is the collective commitment of all governments to reform the governance of the euro area.