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.

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

If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers.

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.

Productivity growth is the only possible way to achieve prosperity.

We won't make the weak stronger by making the strong weaker, as a very wise man once said. That applies to the economy as well. If Germany were less competitive, the euro area as a whole would lose, because less could be produced then.

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