diff --git a/Makefile b/Makefile
index 9068181603..ac15ca5b69 100644
--- a/Makefile
+++ b/Makefile
@@ -39,7 +39,7 @@ all: $(TOOLS) $(DOCS) recurse-all
 SUBDIR_RULES=$(patsubst %,subdir-%, $(TARGET_DIRS))
 
 subdir-%:
-	$(MAKE) -C $(subst subdir-,,$@) all
+	$(MAKE) -C $(subst subdir-,,$@) V="$(V)" all
 
 $(filter %-softmmu,$(SUBDIR_RULES)): libqemu_common.a
 $(filter %-user,$(SUBDIR_RULES)): libqemu_user.a
diff --git a/rules.mak b/rules.mak
index dd567802bd..818c5effb0 100644
--- a/rules.mak
+++ b/rules.mak
@@ -1,14 +1,16 @@
 
 %.o: %.c
-	$(CC) $(CPPFLAGS) $(CFLAGS) -c -o $@ $<
+	$(call quiet-command,$(CC) $(CPPFLAGS) $(CFLAGS) -c -o $@ $<,CC $@)
 
 %.o: %.S
-	$(CC) $(CPPFLAGS) -c -o $@ $<
+	$(call quiet-command,$(CC) $(CPPFLAGS) -c -o $@ $<,AS $@)
 
 %.o: %.m
-	$(CC) $(CFLAGS) $(CPPFLAGS) -c -o $@ $<
+	$(call quiet-command,$(CC) $(CFLAGS) $(CPPFLAGS) -c -o $@ $<,OBJC $@)
 
-LINK = $(CC) $(LDFLAGS) -o $@ $^ $(LIBS)
+LINK = $(call quiet-command,$(CC) $(LDFLAGS) -o $@ $^ $(LIBS),LINK $@)
 
 %$(EXESUF): %.o
 	$(LINK)
+
+quiet-command = $(if $(V),$1,@echo $2 && $1)