* * *  The question everyone would like to ask of someone following the situation up close, minute by minute, is: are Europe and the euro strong? I am not in any doubt about the strength of the euro. During the financial crisis, we were able to overcome difficult situations, thanks to the efforts made by the people of Europe.
But the segment for short-term debt securities (commercial paper and certificates of deposit) is still fragmented. I would like to remind you that, in order to try and close this gap, the Eurosystem is supporting the private STEP initiative which aims to develop a pan-European short-term paper market. A considerable degree of integration has also been achieved in corporate bond and equity markets.