Interest rates do not have to be identical across the whole euro area, but it is unacceptable if major differences arise from broken capital markets or concern about a euro area break-up.

The insurance companies do not refer to the key policy rate when they send their statements. We can only control that rate. Long-term interest rates are determined largely by global financial markets.

Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.

In the European context tax rates are high and government expenditure is focused on current expenditure. A "good" consolidation is one where taxes are lower and the lower government expenditure is on infrastructures and other investments.

Productivity growth is the only possible way to achieve prosperity.

I trust the people who are working with me. I delegate.

There is no better protection against the euro crisis than successful structural reforms in southern Europe.