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.

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.

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.

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.

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

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.