On Thursday, ECB President Christine Lagarde tried to curb interest rate differentials in southern European countries with words.
It wasn't her 'whatever it takes', but as spreads rise, she too announced new measures against 'fragmentation'.
The markets, however, remain skeptical.
You know that the new instruments are controversial, not least because they raise regulatory and constitutional concerns in Germany.
So interest rates keep going up.
The elephant in the room is Italy.
A lot speaks for the country: No other state receives more money from the European Recovery Fund, high inflation is eating up the debt ratio, real interest rates are still negative, and Mario Draghi's reform-oriented government is ensuring stability.
But populist parties could regain the upper hand as early as next year.
The market's assessment of the financial policy of individual countries, expressed in terms of interest rates, is all the more important.
It has a disciplining effect, especially in politics.