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Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough. There are some short-term challenges, to say the least. The short-term challenges in our view relate mostly to the financial fragmentation that has taken place in the euro area. Investors retreated within their national boundaries.

The interbank market is not functioning. It is only functioning very little within each country by the way, but it is certainly not functioning across countries. And I think the key strategy point here is that if we want to get out of this crisis, we have to repair this financial fragmentation. There are at least two dimensions to this. The interbank market is not functioning, because for any bank in the world the current liquidity regulations make - to lend to other banks or borrow from other banks - a money losing proposition.

So the first reason is that regulation has to be recalibrated completely. The second point is in a sense a collective action problem: because national supervisors, looking at the crisis, have asked their banks, the banks under their supervision, to withdraw their activities within national boundaries.

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So even though each one of them may be right, collectively they have been wrong. And this situation will have to be overcome of course. And then there is a risk aversion factor. Risk aversion has to do with counterparty risk. Now to the extent that I think my counterparty is going to default, I am not going to lend to this counterparty. But it can be because it is short of funding.

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And I think we took care of that with the two big LTROs where we injected half a trillion of net liquidity into the euro area banks. We took care of that. Then you have the counterparty recess related to the perception that my counterparty can fail because of lack of capital. We can do little about that. These premia have to do, as I said, with default, with liquidity, but they also have to do more and more with convertibility, with the risk of convertibility.

Now to the extent that these premia do not have to do with factors inherent to my counterparty - they come into our mandate. They come within our remit. To the extent that the size of these sovereign premia hampers the functioning of the monetary policy transmission channel, they come within our mandate.


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Learn more about how we use cookies. See what has changed in our privacy policy. The second message is that there is more progress than it has been acknowledged. But the third point I want to make is in a sense more political. But there is another message I want to tell you. So we have to cope with this financial fragmentation addressing these issues. I think I will stop here; I think my assessment was candid and frank enough.

If you stay where you are, you will never get closer to your goal.

Whatever It Takes testo

Beyond doing the actions that will bring you closer to your goals, you must also be willing to dream and act bigger. Those who are willing to do whatever it takes will look toward their ultimate dream and take the necessary massive action to bring immediate results , instead of hoping they will eventually work their way up to that point.

It is not enough to take massive action once, you must do it over and over. You might put in your requests and never hear back.

ECB ‘will do whatever it takes’ to save the euro

This could happen several times. People get busy; they forget about emails; they never check their voicemail—no different than you or me. You might have to follow up several times before receiving a response. You might have to make several presentations before you finally nail it. Once that moment hits, express it with gratitude and ensure the person and opportunity is not forgotten. Use that moment as momentum for your next big step, because you were willing to do whatever it takes to get to your goal—and you will be able to do it all over again.

Connect with her at KimOrlesky. Kim Orlesky. How to Be a Better Listener.