And judging what is appropriate or not appropriate for a country, I think it is important in particular in judging what is the appropriate economic policy framework, one should take into account the overall political environment and the institutional framework within which economic policy operates.

I think it's often discussed that leaving the Euro is an option for Greece. I think this is really not an option.

And judging what is appropriate or not appropriate for a country, I think it is important in particular in judging what is the appropriate economic policy framework, one should take into account the overall political environment and the institutional framework within which economic policy operates.

In the 20 years before Greece end up with the Euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness.

The ECB's interventions in sovereign bond markets should not be perceived or interpreted as a 'freebie' for governments. They are temporary.

Governments cannot assume or expect that the ECB will always facilitate their funding independently of the achievement of their fiscal and other policy objectives.

I think achieving a higher fiscal stability is also a very important condition for restoring an environment which is conducive to growth...