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

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.

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.

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.