As euro area banks have adapted to the evolving regulatory and supervisory landscape, monetary policy, micro and macroprudential authorities have refined their understanding and shared experience of how the  different policy areas can complement each other to achieve common goals.
[30] For instance, there is evidence that capital relief measures at the height of the COVID-19 pandemic increased the effectiveness of targeted longer-term refinancing operations in supporting the flow of bank credit to the real economy. [31]  Chart 25 Evolution of CET1 ratio and capital requirements (percentages)  Sources: ECB supervisory reporting and ECB staff calculations.