Let me as always be very blunt: I am relieved.

Finally, we start to put in place a global and bold approach to stabilise the euro.

Finally, we stop our hesitating approach of the last 20 months.

Because let us also be very blunt about that. This crisis has been prolonged and worsened by the way this has been handled from the beginning.

Half measures, contradictions, hesitations.

So finally, this comes to an end.

And it's not by accident that the markets react positively.

But let's be realistic, a few good days on the markets doesn't mean we have reached our goal.

Our goal is to strengthen and stabilise the euro, and on the mid, and on the long-term.

For that, I think two things are crucial now.

- The first is that the new firepower of the rescue fund is real.

Real in the sense that the markets are convinced by it.

One trillion is an impressive figure. It's big.

But I have my doubts that on the long-term it can be achieved when we offer a guaranty of 20%, when on the other hand we agree on a 50 % hair cut, like in the case of Greece.

I hope I'm wrong.

- My second point is even more important.  

We have to use the next weeks and months to lay the foundations of a real economic and fiscal union for the euro zone.

Because that is the root of this crisis, the lack of such an economic and fiscal union.

Concretely, this means two things:

(1) The Commission has to come forward the fastest as possible with her Green paper on Eurobonds. 

Only a Eurobond market can stop the tensions and can avoid the repetition of the mess of last year.

(2) We need to establish a real economic government in the euro zone.

I have nothing against the idea to formalise two euro summits, chaired by you, Mr. Van Rompuy. That happens already.

But that is not the economic government we need.

What we need, is indicated in paragraph 28 of the summit conclusions.

And I am very pleased that Olli Rehn has been appointed Vice-President of the Commission and Commissioner in charge of the euro. He should chair an inner cabinet with all commissioners with portfolios that are linked to the euro. 

And secondly, he should also chair the meeting of the Ministers of Finance of the euro zone. 

Let's make the system consistent. 

My request to you Mr. Barroso, is that you put a legislative proposal in that sense on the table of the European Parliament and European Council, the fastest as possible. To strengthen the powers of this Vice President and anchor all of this in the community method.