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

Europe's financial system is fragmented, although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. But in lending the differences are still very large, and in some countries the credit flow is disrupted.

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.

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

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

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

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