european institutions were not at all prepared for such a crisis, which is why decisions were also quite chaotic at the outset. but in the end, also thanks to the creation of the european stability mechanism ( esm ), a collapse of the single market was prevented. 2 / 4 bis central bankers'speeches and yet, the ecb ’ s role remains controversial and its expansionary monetary policy heavily criticised. the ecb has played a leading role, not least because of the fact that it was capable of acting at any time during the crisis. the decisions were never simple and there was much discussion about the right course to follow. but at the ecb we were always aware of our responsibility and managed to craft a monetary policy supported by all members of the governing council. this paid off during the crisis. but this success has been double - edged : the ecb has not only had to repeatedly take on new tasks, such as banking supervision. but also it is being held responsible for problems the more it is seen as an especially influential european institution that can take action. this is the case even if in reality it is not responsible. but you are now facing the challenge of finding a way out of the expansionary monetary policy. this includes an increase in interest rates, as has just happened in the us. is the fed ’ s step a signal for the ecb? we have a clear mandate and it relates to the euro area. and we have to watch developments closely before we take action. so far, we can only say that the economic situation is improving. that gives us confidence, but the upward trend and hence the normalisation of inflation are still very dependent on monetary policy stimulus. while inflation is temporarily close to the desired target, it is based to a large extent on short - term fluctuations in energy prices. the underlying inflation trend is still noticeably weak, and we have to monitor it in order to fulfil our mandate in a sustainable way. inflation in germany is over 2 %. shouldn ’ t that be taken into account and the low interest rate policy, which has a serious cost for german savers, be brought to an end? we are indeed very aware of the criticism – and by the way it exists in other countries – and we take it seriously. of course, interest rates could be higher for germany ’ s economy and in some other countries as well, if they were alone. but they aren ’ t – we have a single currency. therefore, the ecb

cuts the cost of our products, which would otherwise have to be adjusted separately for each national market. so when the talk is about a deeper eu, greater harmonisation and fewer barriers to trade, then inevitably that is at the expense of the member states ’ freedom to decide. but in areas where national or even regional institutions are better suited to establish the right rules, then the principle of subsidiarity should be applied to a greater extent. it ’ s not about integration as a value per se, but about integration that ’ s appropriate and necessary. i think there is the necessary consensus on this point. now that the euro area has wriggled its way out of the crisis, things are improving economically. things are getting better but the economic situation still varies a lot. germany, which has weathered the crisis well because of the low level of government debt and household debt, is in a very good position. but other countries were severely hit and still have some serious challenges. the good news is that the recovery is firming up in all the countries of the euro area and expanding into more and more sectors. consumer and business confidence is rising, despite all the political uncertainties. that ’ s encouraging. after all the years of crisis progress is being made and people have trust in it. is the upturn a result of the ecb ’ s low interest rate policy? in 2009 we had the biggest recession in the post - war era, with a sharp increase in unemployment. since that low more than four million new jobs have been created in the euro area. our monetary policy has supported the recovery as it has made financing conditions for banks and thus also for households and businesses easier. but let us take a step back and consider the economic slump. the sovereign debt crisis resulted from it and caused the countries to fall into a recession again in 2011 and 2012. the ecb ’ s monetary policy and its intervention played a decisive stabilising role. it averted a depression. if there had been no intervention, what would have happened? to give an example : if the ecb had not given the spanish banks liquidity assistance in 2012, when a lot of money was withdrawn, capital controls would have resulted and creditors from other euro area countries would have found it difficult to gain access to their assets. people have forgotten just how dangerous the situation was at that time. many are unaware that the ecb and governments too acted in a carefully considered, reasonable way and prevented a worse outcome. the