Speaking at conference in Paris
- ECB’s OMT plan addresses tail risks
- Some banks in stressed countries regained mkt access
- OMT alone is not responsible for stabilization
- Euro-area reforms contributing to stabilization
- Improving competitiveness is key
- Euro area has made progress on internal imbalances
- Spain and Portugal have had strong export growth
- Some euro nations need to be more business friendly
- Welcomes France’s recent focus on competitiveness
- Reform painful in short-term but leads to prosperity
- Removing doubts about euro’s future was necessary
- Governments have made progress, work not finished yet
Bloomberg reporting.