But for the interbank markets to function we need a return of full confidence in the counterparty. We can address only the liquidity side of the problem. But then growth prospects have to pick up. After a very weak fourth quarter, economic activity in the euro area is progressively stabilizing at low levels.
But for me, at least, the expansion of horizons was exactly what I needed at that time in my life. I suspect that, for many of you, matriculation at the Boston College law school represented something similar – a leap into the unknown and new, with consequences and opportunities that you could hardly have guessed in advance.