would be premature today to think that the crisis has been overcome and conquered in a sustainable manner. so, it is not the time to exit yet. our future decisions on the phasing - out of non - standard measures will be guided by a transparent exit strategy. this exit strategy has been designed around four cornerstones. first, it will be linked to our primary objective and thus to our monetary policy strategy. the crisis has not changed the ecb ’ s primary objective. this means that any non - standard measure whose continuation would compromise the maintenance of price stability at any time in the future will be undone promptly and unequivocally. second, the forward - looking initial design of the measures will help us wind them down when the time is ripe. the ecb ’ s non - standard measures were designed with exit considerations in mind. a number of measures – think of our refinancing operations – will phase out naturally by design. at the same time, the size and scope of the outright purchases have been calibrated so that they would not interfere with the implementation of appropriate liquidity conditions in a phase of interest rate increases. third, the ecb has the technical and institutional capability to act. the operational framework of the ecb proved very resilient at the start of the turmoil. it is also sufficiently flexible and reliable to fit all possible situations which could realistically arise in the future. on the institutional side, the governing council has the unfettered capacity to decide and institute appropriate policies whenever circumstances warrant this. the ecb rests on a strong institutional platform, with a clear dividing line between what pertains to the central bank and what belongs to the fiscal sphere of responsibility. fourth, the governing council can mobilise its reputation for swift and decisive action whenever that reputation will be required to support the credibility of its policies. over the past decade, our institution has established a clear track record of steady - handedness. this is also because market participants know that we are permanently alert and that we act decisively and in a timely fashion when conditions so demand. v. the current situation the ecb ’ s “ steady - handed approach ” to conventional monetary policy action has not impeded, in fact it has strengthened, a swift transmission of policy changes to market rates and to credit conditions more broadly. this was possible for two reasons. first, steadyhandedness makes policy changes more powerful. private sector expectations regarding future interest rates adjust and move in a

most of their value. this applies to individual financial players and business models alike. other elements, however, have maintained their worth. it is on these latter elements that we should build the future of this continent. the euro – the single currency – and the macroeconomic framework of the union have certainly proved their strength in the last 12 months. the countries of europe were not left to weather the storm alone. the financial maelstrom has not turned into any national debacle. a medium - term - oriented macroeconomic framework had helped – before the crisis – to put europe on a solid ground. those solid foundations have enabled it to withstand the onslaught. in the end, the strength to overcome the present hardships will come from the inside. our openness to trade, our balanced and dynamic business structures, our talented and welltrained workforces are part of our future. we know that technological progress will continue unabated in europe. companies and people will continue to prove their entrepreneurial spirit in large and small organisations. reflection and endurance will be rewarded by a sense of personal fulfilment and by collective progress. private thrift and a sense of prudent housekeeping are europe ’ s primary safeguards against the risk of developing into a bubble economy. all this will be the engine that will steer the economy towards tomorrow ’ s recovery. thank you for your attention.