• We are not witnessing a crisis of euro
• We are witnessing loss of market confidence in governments’ fiscal policies
• Greece EU/IMF programme very ambitious, very credible
• Markets have not fully appreciated Greece’s political commitment to deliver
• Public indebtedness in advanced economies is a serious problem
• Risk of higher interest rates if public debt not addressed
• Must enhance European economic governance on public finances
• Sees no need for political coordination of ECB monetary policy
• Crisis is a wake up call to all European politicians
• Ballooning deficits can undermine market confidence
• Purchase of government bonds is a temporary measure to calm markets
• Markets have calmed
• Cannot see any decline in Germans’ support of the euro. Germans understand euro credible stable currency