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.

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

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.

In Latin you say: "Repetita iuvant - to repeat is beneficial". The fewer changes made in a country, the more often I repeat my messages. And it works.

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

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.