Productivity growth is the only possible way to achieve prosperity.

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.

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

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

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.

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.