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However the crisis could have more serious repercussions if it rekindles the fear among international investors that the euro zone is not irreversible, in this case coordinated action by national and European authorities( to counter market market tensions) will be indispensable.

To maintain support it is necessary that there is a clear prospect of a political agreement on a programme.

The Governing Council is closely watching developments on financial markets and their implications for monetary conditions and price stability in the euro zone ; it is ready to use all instruments at The Governing Council disposal.

Any unwanted restrictions in monetary conditions will be strongly countered, the Governing Council is closely watching developments on financial markets and their implications for monetary conditions and price stability in the euro zone ; it is ready to use all instruments at The Governing Council disposal.