And this is what I want to focus on in my remarks today: what it is realistic to expect the euro area to achieve – and what it is not. In particular, I want to answer three questions: First, should the ECB be doing more? Second, how can we overcome the political challenges to adjustment?
Third, how will Economic and Monetary Union (EMU) develop from here? Should the ECB be doing more? Starting with the first question, “should the ECB be doing more”? First of all, it is important to understand that the ECB has already done a lot. We have given funding to banks at fixed rates and in unprecedented volumes.