BIS central bankers’ speeches  1  Europe’s policy-makers, including the European Central Bank (ECB) within its mandate, left no doubts about their commitment to our common currency and to its stability. We can begin 2013 on a more confident note, precisely because significant progress was made during 2012. Significant progress in 2012 First of all, governments did their part to ensure stability.
During the last year, an important change took place “on the ground” in the economies of Europe. The necessary rebalancing of the euro area economy gathered pace. A comprehensive adjustment in the deficit countries is now taking place. Many countries are making solid progress in bringing their public finances under control. They are enacting structural reforms to increase competitiveness.