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.

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.

Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.

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

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.

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.

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.