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

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.

In the European context tax rates are high and government expenditure is focused on current expenditure. A "good" consolidation is one where taxes are lower and the lower government expenditure is on infrastructures and other investments.

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.

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.