I trust the people who are working with me. I delegate.
— Mario Draghi
Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.
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.
Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. Believe me, it will be enough.
There is no better protection against the euro crisis than successful structural reforms in southern Europe.
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.
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.
