This includes consolidation of public finances, structural reforms and better rules at the European level. Germany has been a stability anchor in containing the crisis by supporting the various rescue mechanisms, but the conviction that tackling the structural causes of the crisis is both indispensable and holds out the promise of success has been the essence of the German position throughout the crisis.
In this regard, we have seen some progress over recent months. Nevertheless, success depends on rigorous implementation of the agreed measures and rules. Personally, I am confident that, by following this course, we will eventually contain the crisis and that the euro will remain a stable currency. BIS central bankers’ speeches  5