And it was chiefly weaker banks that bought up sovereign debt. Altogether, the link between banks and states is so close that it can easily become a vicious circle. To preserve financial stability we have to break through this vicious circle from two sides.
Turning to fiscal policies, the current environment is very demanding and requires decisive action. Euro area countries must, as a minimum, comply with their fiscal consolidation commitments for 2011 and beyond, as foreseen under the respective excessive deficit procedures.