So I think it was an important moment that I place on the time scale in June of last year when at the June European Council after a taught but constructive discussions the heads of State and governments agreed on a new approach to the ending of the crisis, and for the better.

I want to praise the leadership of Mario Draghi and his technical mastery in devising the LTRO and the Outright Monetary Transactions programme. Yet, it is generally believed that if Italy had not promptly sets its set on a credible path of discipline and reforms, and if the European Council - at the insistence of Italy in particular - had not taken its important decisions on financial markets stabilization it would have been much harder for the European Central Bank to launch these programmes. We see here the interaction between domestic policy making, the shaping of EU policies at the political level and the room for comfortable action in its full independence of the ECB.

I also see short termism when we take too long to recognise that for structural reforms and fiscal consolidation to be successful Europe has to act to sustain economic activity and tackle the growing public opinions resentment for job insecurity because of unemployment, loss of income and increasing inequalities.

The Single Market, the role of productive public investments, the need to balance fiscal consolidation and growth are now at the centre of the EU agenda. Thanks also to the Italian pressure and I do hope that in two weeks European leaders will find once more the necessary leadership to agree on a pro-growth and fair new Multi annual Financial Framework for 2020.

Of course leadership is better tested at times of adversity. But it is possible to lead “against all odds”. Policies that would appear deeply unpopular to begin with can win support if they are well explained and if show that the reform effort will be evenly spread to avoid the feeling of being unfairly singled out.