Mario Draghi


Last quote by Mario Draghi

We were expecting some significant economic impact from the various risks that have been materialising; you remember the Brexit, you remember the Italian referendum, you remember the new US administration, now we have the elections in Europe. Now these risks – some of them – have materialised, but we haven't seen yet a significant economic impact.
Mar 09 2017 Brexit
The latest quote from Mario Draghi is: “There are tensions but not anything that is that serious. In any event … we are ready. The euro is irrevocable.”. It comes from the European Central Bank defends continued eurozone stimulus article. You’ll find on this page 140 articles with Mario Draghi quoted on topics such as United Kingdom, Germany and inflation. Mario Draghi has been quoted 204 times in 140 articles.
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Mario Draghi quotes

Low rates now are necessary to get to higher rates in the future. The recovery of the eurozone is in the interests of everybody, including Germany.

The United Kingdom's withdrawal may lead to a loss of oversight.

When a merger leads to a change in ownership of a euro area bank, as could be the case for entities within Deutsche Boerse and LSE Group that are licensed as banks, the ECB has to analyze it carefully from a prudential perspective.

The United Kingdom's withdrawal (from the EU) may lead to a loss of oversight and supervision of UK central counterparties by the ECB. Thus, it will be important to find solutions that at least preserve, or ideally enhance, the current level of supervision and oversight.

There is no question about tapering. Tapering was not discussed today.

The vulnerability that both the banking system and Italy have has been there for a long time. And so they have to be coped with and I am confident the government knows what to do and they will be dealt with.

I would say in spite of the many crises of the last six, seven years, we continue to steer the ship towards this mandate, and we foresee that inflation will go back towards our objective of an inflation rate below but close to 2 percent by 2018/2019.

We are lowering the risk that the current low rates of growth become entrenched, but we alone cannot eliminate that risk.

And I would say in spite of the many crises of the last six, seven years, we continue to steer the ship towards this mandate, and we foresee that inflation will go back towards our objective of an inflation rate below but close to 2 percent by 2018-2019.

All of these are supranational affairs that require a common response. European integration is the appropriate response, but this has become weaker in recent times, partly because of populist movements.

What we know is we have an objective which is price stability and we have instruments to achieve that. How can we best contribute to confidence and stability? Through fulfilling that mandate.

It will be more difficult for investors and other economic agents in the United Kingdom to make decisions. Now, the impact of course is going to be stronger on the UK than it is on the EU and on the euro area, but certainly the UK is a large economy, so it will have an effect here too.

The euro area economy continues to expand at a moderate but steady pace, despite the adverse effects of global economic and political uncertainty. This gradual upward trend is expected to continue, not least owing to our monetary policy measures.

We have ample evidence that our measures have substantially eased the borrowing conditions of firms and households, strengthened credit creation and, hence, supported the momentum of the euro area's economic recovery.

But, in the event of a shock, the related vulnerabilities can materialise quickly - for example, in the form of reduced household consumption, loan defaults and price falls.

As regards the banking system of the warned countries, the ESRB has not identified direct near-term risks arising from residential real estate exposures, although second-round effects are not excluded in the medium term.

This is a Governing Council decision that will be taken in December.

At our monetary policy meeting in December we'll assess the various options that would allow the Governing Council to preserve the very substantial degree of monetary accommodation necessary to secure the sustained convergence of inflation toward levels below but close to 2 percent over the medium term.

The implementation of structural reforms needs to be substantially stepped up. This concerns, in particular, policy actions to raise productivity and improve the business environment.

Euro area unemployment has been steadily declining. More than four million jobs have been created since 2013, when the situation was at its worst. Domestic demand has also strengthened and real GDP growth has recorded positive figures for 14 consecutive quarters.

The return of inflation towards our objective still relies on the continuation of the current, unprecedented level of monetary support, in spite of the gradual closing of the output gap.

I don't think we should stop at that (muted market reaction).

Going forward our assessment will depend on whether we see a sustained adjustment in the path of inflation towards this objective. And that means that inflation convergence towards 2.0 percent is durable, even with a reduction in monetary accommodation. Inflation dynamics, in other words, need to be self-sustained.

The focus should be on implementation, not on new design. Regulatory measures should be implemented in a balanced way that ensures a level playing field globally. And while marginal adjustments are possible, there should be no rolling back on what's been decided.

It is for this reason that we remain committed to preserving the very substantial degree of monetary accommodation, which is necessary to secure a sustained convergence of inflation towards level below, but close to, 2 percent over the medium-term.

Despite the uplift to prices provided by the gradual closing of the output gap, a sustained adjustment in the path of inflation still relies on the continuation of the current, unprecedented financing conditions.

Going forward, our assessment will depend on whether we see a sustained adjustment in the path of inflation towards that objective.

The ECB does not hold prior meetings with corporations in the context of private placements under the CSPP (corporate sector purchase program).

We don't have any sign that credit is feeding into financial stability risks.

We will continue to act, if warranted by using all the instruments available in our mandate.

The economic recovery in the euro area is expected to be dampened by subdued foreign demand.

We will continue to act, if warranted, by using all the instruments at our disposal.

It's a matter of this political uncertainty that clouds the outlook for growth.

No I don't share this view. If a bank represents a systemic threat for the euro zone, this cannot be because of low interest rates - it has to do with other reasons.

Through our efforts to bring inflation back towards 2 percent, we have contributed to higher growth and the creation of more jobs. In Germany, exports are benefiting from the recovery in the euro area, unemployment is at its lowest level since reunification, people's take-home pay is increasing noticeably, and venture capital is pouring into Berlin's silicon alley.

Savers can on average still earn satisfactory rates of return from diversifying their assets, even when interest rates on deposit and savings accounts are very low. This has also been the case in Germany according to another recent Bundesbank study.

Moreover, there have been many episodes of low, or even negative, real interest rates in Germany – well before the introduction of the euro, as a recent Bundesbank study has shown.

In fact, evidence shows that between 2008 and 2015 interest payments by households in Germany, as a percentage of gross disposable income, fell more sharply than interest earnings. Of course, low interest rates for a long period might carry the risk of overvaluation in asset markets as a result of the search for yield. But at the moment we are not seeing any overheating in the euro area or the German economy as a whole.

Many banks, or some banks, have problems that don't have to do primarily with a low level of interest rates, but possibly with other reasons, either business model or risk management.

The ECB is sensitive to this risk and to the people's concerns over the low interest rates.

On balance, savers, employees, entrepreneurs, pensioners and taxpayers across the euro area, including in Germany, are better off because of our actions – today and tomorrow.

Little is known to date of the distributional consequences of the unconventional tools we have used, either in respect of their impact or over the medium term.

The initial impact of the vote has been contained and the strong financial market reactions, such as equity price falls, have largely reversed.

Europeans are calling on our institutions to bring tangible benefits to their everyday lives. We need to respond to this appeal with action.

Inflation continues to remain at low levels, reflecting past declines in oil prices and weak wage growth.

For the euro area to thrive, actions by national governments are needed to unleash growth, reduce unemployment and empower individuals, while offering essential protections for the most vulnerable.

Infrastructure is going to be the buzzword for the next 10 years, not monetary policy,and change the fate of Europe.

The sector is not operating at the effiecient frontier, the cost income ratios are very high in some countries.

The overcapacities in the banking sector clearly exacerbates the squeeze on margins.

The overcapacities in the banking sector clearly exacerbates the squeeze on margins. The sector is not operating at the effiecient frontier, the cost income ratios are very high in some countries.

Finalising the committee's post-crisis reforms will complete Basel III and help restore confidence in banks' risk-weighted capital ratios.

All countries should strive for a more growth-friendly composition of fiscal policies.

The ECB can basically flag what is needed for monetary policy to be even more effective that it is a this present time.

And I think what I just read on the G-20 is a quite powerful statement of commitment. The G-20 … It's not central bankers, it's governments; it's finance ministers. So they committed in their statement to use all policies, structural policies, fiscal policies, tax policy and to make government expenditure more friendly, which is something that all of you have heard me saying several times.

We will preserve the very substantial amount of monetary support that is embedded in our staff projections and that is necessary to secure a return to inflation.

If warranted, we will act by using all the instruments available within our mandate.

Fiscal policies should also support the economic recovery.

The economic recovery in the euro area is expected to be dampened by still subdued foreign demand, partly related to the uncertainties following the UK referendum outcome, the necessary balance sheet adjustments in a number of sectors and a sluggish pace of implementation of structural reforms.

The Governing Council tasked the relevant committees to evaluate the options that ensure a smooth implementation of our purchase programme.

Strong supervision, robust regulation and better communication by supervisory authorities will still improve the situation and the perception in the rest of the world's eyes.

We confirm that the monthly asset purchases of 80 billion euros are intended to run until the end of March 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.

I'm pretty confident that the strong supervision and robust regulation and better communication by the supervisory agencies… will still improve the situation … and our perception in the world's eyes.

Our assessment is that euro area financial markets have weathered the spike in uncertainty and volatility with encouraging resilience. The announced readiness of central banks to provide liquidity if needed and our current monetary policy measures, as well as a robust regulatory and supervisory framework have all helped to keep market stress contained.

We may not need formal coordination of policies but we can benefit from alignment of policies. What I mean from alignment is a shared diagnosis of the root causes of the challenges that affect us all. And a shared commitment to found our domestic policies on that diagnosis.

Sadness is the best word for what we feel when we witness changes of this magnitude.

Monetary policy has inevitably created destabilizing spillovers as well, especially when business cycles have been less aligned. The large exchange rate fluctuations between major currencies, and the pressures some emerging economies have experienced from capital flows, are testament to that. This is not so much a result of the measures central banks have employed, but rather of the intensity with which they have had to be used.

Operating against persistent headwinds arising from abroad has forced central banks to deploy monetary policy with more intensity to deliver their mandates, and that in turn results in higher financial stability risks and spillovers to economic and financial conditions in other jurisdictions.

Reforms implemented by Portugal under its adjustment programme are estimated to have reduced the unemployment rate by around 3 percentage points over the 2011-2014 period. Likewise, the Spanish labour market reform in 2012 has been a factor supporting employment growth since then.

There are many understandable political reasons to delay structural reform, but there are few good economic ones. The cost of delay is simply too high.

A too-slow return of output to potential is far from innocuous. On the contrary, it has lasting economic consequences, since it can ultimately lead to potential being eroded as well.

The euro area faces a twin policy challenge: to get more firms in each sector to the productivity frontier, and to get more labor and capital to those productive firms.

We had a presentation, we had no decision. The Governing Council acknowledges the significant progress made in the last few months. Once the prior actions (under the bailout agreement) are implemented, the Governing Council will take a decision leading to the reinstatement of the waiver.

The Eurogroup has asked the institutions to verify the implementation of prior actions under the supplementary MoU. And this is an ongoing discussion with the Greek government. Once the prior actions will be implemented, the governing council will take a decision leading to the reinstatement of the waiver.

They are not the problem. They are the symptom of an underlying problem, which is insufficient investment demand across the world to absorb all the savings available in the economy. And so the right way to address the challenges raised by low rates is not to try and suppress the symptoms, but to address the underlying cause.

Would a non-Italian president run different policies? Our policies are the same policies that are being enacted in other parts of the world.

The governing council will continue to monitor closely the evolution of the outlook for price stability and, if warranted to achieve its objective, will act by using all the instruments available within its mandate". it's "crucial" to ensure that current very low inflation rates do "not become entrenched" in second-round effects on wage and prices.

Rates will stay low, very low, for a long period of time. We don't anticipate that it will be necessary to reduce rates further.

The only potential margin for manoeuvre is in the composition of the policy mix, that is, the balance of monetary and fiscal policy.

Thus the second part of the answer to raising rates of return is clear: continued expansionary policies until excess slack in the economy has been reduced and inflation dynamics are sustainably consistent again with price stability. There is simply no alternative to this today.

If we do not surrender to low inflation – and we certainly do not – in the steady state it will return to levels consistent with our objective. There can be no doubt that if we needed to adopt a more expansionary policy, the risk of side effects would not stand in our way. We always aim to limit the distortions caused by our policy, but what comes first is the price stability objective.

A solution that would anchor the United Kingdom firmly within the EU while allowing the euro area to integrate further would boost confidence. Citizens and markets are too often unsure about our capacity to act jointly in a spirit of common responsibility. We should prove them wrong.

We have plenty of instruments and especially we have the determination and willingness and capacity of the Governing Council to act and deploy these instruments.

There's certainly a heightened sensitivity to risk, but it's too early to say the perspective has changed. As far as we are concerned, we basically see a recovery that is continuing at modest pace, but it's a regular one.

Not to cooperate is to ignore the challenge, and to ignore it will not make it disappear.

It's entirely natural that monetary policies do differ and they will be on a diverging path for a while. This will be reflected in different interest rates but it's a normal process.

As we start the new year, downside risks have increased again amid heightened uncertainty about emerging market economies' growth prospects, volatility in financial and commodity markets and geopolitical risks.

In this environment, euro area inflation dynamics also continue to be weaker than expected. It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March.

Downside risks were increasing again and more stimulus might be necessary. It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in March.

If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate.

If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible.

Further lowering of the deposit facility rate was indeed discussed, and it's one of the instruments of monetary policy that I refer to when I said all instruments had been discussed.

The asset purchase program has sufficient in-built flexibility. We will adjust its size, composition and duration as appropriate, if more monetary policy impulse should become necessary.

If, on the other hand, we capitulate to inexorable disinflationary forces or invoke long periods of transition for inflation to come down, we will in fact only perpetuate disinflation.

This is equal to 65% of Greek GDP. It's the highest exposure in the Eurozone. What sort of blackmail is this? Is up to you to judge!

Economic growth in the euro area is likely to continue to be dampened by the necessary balance sheet adjustments in a number of sectors, and the asset purchase programme continues to process smoothly. These purchases have a favourable impact on the cost and availability of credit for firms and households.

The substantial, additional easing of our monetary policy stands, supports and reinforces the emergence of more favourable developments of the euro area economy, financial market conditions and the cost of external finance for the private economy have eased further. Borrowing conditions for firms and households have improved considerably.

We are in technical preparations to adjust the size, speed and compositions of our measures in early 2015, should it become necessary to react to a too long period of low inflation. There is unanimity with the governing council on this.

We want to keep two objectives in the future. One is the single currency and the second is the single market. Everything that will come out of this complicated interaction between the different souls of the union will have to preserve these two extraordinary achievements of the EU.

While the recovery will gradually strengthen the impulse underlying the inflation process, the protracted economic weakness of the past years continues to weigh on nominal wage growth, and this could moderate price pressures as we move forward.

The governing Council has tasked ECB staff and relevant Eurosystem (central bank) committees with ensuring the timely preparation of further measures to be implemented if needed.

The Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate.

As regards fiscal policies, Euro area countries should not unravel the progress already made and should proceed in line with the rules of the Stability and growth pact. This should be reflected in the draft budgetary plans for 2015. The existing flexibility within the rules should allow governments to address the budgetary costs of major structural reforms.

Today's decisions – together with the other measures in place – have been taken with a view to underpinning the firm anchoring of medium- to long-term inflation expectations in line with our aim of maintaining inflation rates below, but close to, 2.0 percent.

Heightened geo-political risks as well as developments in emerging market economies and global financial markets, may have the potential to affect economic conditions negatively, including through effects on energy prices, and global demand for euro area products.

In this context, the Governing Council is unanimous in its commitment to also using unconventional instruments within its mandate, should it become necessary to further address risks of too prolonged a period of low inflation.

Today we decided on a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy.

If required, we will act swiftly with further monetary policy easing.

I would say that the Governing Council is comfortable with acting next time, but before [that] we want to see the staff projections that will come out in early June.

Looking ahead, we will monitor developments very closely and we will consider all instruments available to us.

Incoming information confirms that the moderate recovery of the euro area economy is proceeding in line with our previous assessment.

Overall, we remain firmly determined to maintain the high degree of monetary accommodation and to take further decisive action if required.

In the last few months we have observed a stream of survey data which is becoming more and more solid. So we are seeing the beginning of a recovery which is still weak, which is still fragile and it is still uneven. It's a recovery that is primarily driven by exports, but now we see a gradual spreading to consumption, but it's a recovery.

Confidence is gradually coming back; this is due certainly to the ECB action, but also – equally important – to the action by governments, both in fiscal consolidation, but also in some countries especially – which are by the way the ones that are now seeing the greatest benefit – also in undertaking the needed structural reforms.

By and large we don't see a deflation in the Japanese sense of the 1990s.

The recovery is there, but it is weak, it is modest, and as I said many times it is fragile, meaning that there are several risks – from financial to economic, to geopolitical, to political risks – that could undermine easily this recovery.

Our monetary policy stance will remain accommodative for as long as necessary and will thereby continue to assist the gradual economic recovery in the euro area.

At the same time unemployment in the euro area remains high, and the necessary balance sheet adjustments in the public and the private sector will continue to weigh on economic activity.

Following today's rate cut, the Governing Council reviewed the forward guidance provided in July and confirmed that it continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time.

Real GDP growth in the second quarter was positive after six quarters of negative output growth. And confidence indicators up to September confirm the expected gradual improvement in economic activity from low levels.

The US budget shutdown is a risk if protracted. At the present time, the impression one has is that it will not be so. But essentially if it were to be protracted it's certainly a risk for the US and the world recovery.

Measures of confidence and surveys of production have given some support to the view that euro area economic activity should continue its slow recovery in the current quarter.

It's clear that despite recent progress, Greece's troubles will not, and I repeat will not, have been completely resolved by 2014. It is realistic to assume that additional support will be needed beyond the programme.

Euro area economic activity should stabilise and recover at a slow pace. The risks surrounding the economic outlook for the euro area continue to be on the downside.

The Governing Council took the unprecedented step to give forward guidance in a rather more specific way than it ever did in the past. It says the key ECB interest rates to remain at present or lower levels for an extended period of time. It's the first time the Governing Gouncil says so.

I think Portugal has achieved very remarkable results. It has certainly been a painful route and the results that have been achieved have been quite significant, remarkable, if not outstanding.

The governing council continues to see downside risks surrounding the economic outlook for the euro area.

The economic situation in the euro area remains challenging but there are a few signs of a possible stabilization, and our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year.

The reality is that a large chunk of the eurozone is stuck in recession because of the combination of impacts of the fiscal consolidation combined with structural deficits in competitiveness.

Europe needs a more European UK as much as the UK needs a more British Europe.

Last summer, speaking here in London, I said that when people talk about the fragility of the euro, they underestimate the amount of political capital that is being invested it.

Today we are seeing some encouraging signs of tangible improvements in financial conditions.

In this context, the struggle to come up with a common response to the sovereign debt crisis has had a negative effect in terms of how the market financial markets see us. But now, we've reached the point where – for the process of European monetary integration to survive – we needs a 'growth compact' together with the 'fiscal compact.

This weakness in economic activity, and the revised price stability projections for the medium-term, are also now affecting, not only non-core economies – where one might have had doubts about the transmission of monetary policy mechanisms – but also core economies.

We can not replace lack of capital in the banking system, that's quite clear. We can not compensate lack of actions by governments.

In the coming weeks, we will monitor very closely all the incoming information on economic and monetary developments, and assess the impact on the outlook for price stability.

All this chatter that has been undertaken in the last few weeks about exchange rates is either inappropriate or fruitless. In all cases it is self-defeating.

The economic situation, the social situation, are difficult and the people are going through difficult times. But I also told that Spain is on the right track, and today banks in Spain have a much healthier balance sheet. Today Spain has what probably is the most advanced recovery and resolution system for banks in the euro area.

The (euro's) appreciation is, in a sense, a sign of return of confidence in the euro.

The exchange rate is not a policy target, but it is important for growth and price stability and we will certainly want to see whether the appreciation – if sustained – will alter our risk assessment as far as price stability is concerned.

We foresee a recovery in the second part of the year. It is a situation where you have a positive contagion on the financial market and for the financial variables, but we don't see this being transmitted into the real economy yet.

The economic weakness in the euro area is expected to extend into next year; in particular persistent uncertainty will continue to weigh on economic activity. Later, in 2013, economic activity should gradually recover as global demand strengthens and our accommodative monetary policy stance, and significantly improved financial market confidence work their way through the economy.

Many, many times, the ECB has produced the OMT.

On the Greece situation, it's quite clear that the progress at the level of undertaking the necessary policy reform has been perceptible and significant and it's also clear that more needs to be done. We see progress, we see a need for further work. Now we wait for the troika report in order to assess how the situation stands.

For the ECB, new steps have been needed to maintain price stability in the face of fragmented markets. They are the only way to ensure that we continue to fulfil our mandate.

The European monetary area now is fragmented… the actions we have decided today are geared to repairing monetary policy transmission channels… a way of saying it is that these decisions are necessary to restore our capacity to pursue the objective of price stability in the euro area, they are necessary to restore the singleness of monetary policy in the euro area.

The ECB will do what is necessary to ensure price stability. It will remain independent. And it will always act within the limits of its mandate. The ECB is not a political institution.

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

We will have to look at what the situation is, then we will make up our minds in the ECB Governing Council about what next actions we'll take.

Inflationary expectations for the euro area economy continued to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, two percent over the medium term. At the same time, economic growth in the euro area continues to remain weak with heightened uncertainty weighing on confidence and sentiment.

Of course both these things have to be accompanied by strong conditionality otherwise they're not credible and they will not achieve results for which they're being created.

The European Central Bank has the crucial role of providing liquidity to sound bank counterparties in return for adequate collateral. This is what we have done throughout the crisis, faithful to our mandate of maintaining price stability over the medium term. And this is what we will continue to do. The Eurosystem will continue to supply liquidity to solvent banks where needed.

Economic growth in the euro area remains weak, giving rise to increased downside risks to the economic outlook. Ongoing tensions in some euro area sovereign debt markets, and their impact on credit conditions, are expected to continue to dampen the underlying growth momentum.

The next step for our leaders is to clarify what is the vision for a certain number of years from now. I think the sooner this has been specified, the better it is. The next question is how do we substantiate this greater clarity? I think that one first step we could take is.. a banking union.

We have reached a point in which the process of European integration needs a courageous leap of political imagination in order to survive.

All our standard measures are temporary in nature. Moreover, liquidity support cannot substitute for capital or for sound fiscal and structural policies. They bring about sustainable growth and stability in the European economy.

We are just in the middle of the river that we are crossing. The only answer is to persevere.

Given the present conditions of output and unemployment, which is at historical high, any exit strategy talking for the time being is premature.

I think the president of the ECB is the one who has the last word on this.

Downside risks to the economic outlook prevail, they relate in particular to a renewed intensification of tension in euro area debt markets, and their potential spillover to the euro area real economy.

To have a 'Plan B' means to admit defeat, and we don't want to be defeated.

When we look at the progress that countries have made in the euro area in fiscal retrenchment, and in undertaking structural reforms, it's amazing.

Do we know that actually this money is going to finance the real economy? We don't have evidence of this yet. We have to wait. There is a lag.

If we go back four years ago, we see basically the beginning of the financial crisis.

For the ECB 'We never precommit' always applies, but there are no plans whatsoever at the moment.

As regulators we should learn to do without ratings. Or at least we should learn to assess creditworthiness in a way in which ratings or credit rating agencies are one of the many components of our information.

It's vital that the commitments made by the heads of state or government are implemented promptly and fully, particularly, but not exclusively, in relation to the EFSF and the ESM.

I think these pressures are inconsistent with the spirit of the treaty.

I have no doubt whatsoever about the strength of the euro, about its permanence, about its irreversibility. Let's not forget that this was a key word at the time of the Maastricht Treaty. The one currency is irreversible.

We are four months after the summit which decided to make the full EFSF guarantee volume available and we are four weeks after the summit that agreed on leveraging of the resources by a factor of up to four or five and that declared the EFSF would be fully operational. Where is the implementation of these long-standing decisions?

It would be a tragic illusion to think that solutions might come from the outside. They are up to us. For two reasons. The first one is that the consolidation of the public finances and the spur of growth are not an external imposition, they are problems that have to be solved mainly for the sake of Italy's interest.

Our banks are stable. They have survived without any real damage from the financial crisis that has shaken large foreign banks. We have fundamental resources that have always characterised Italy. Individual initiative, a capacity to renew, an energy in the workplace.

The uncertainty about the outlook for Italy's public debt has contributed to the stress on government bonds in the last few days. The measures implemented by the government are an important step forward towards budget recovery.

The global crisis has accentuated investors' perception of risk and revealed weaknesses in the architecture of the union. The exceptional response of national governments and European authorities limited the risk of contagion and safeguarded the area's financial stability.

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