Clearly, as Morris and Shin point out, what we have learned about various risks implies the need for intermediaries to build greater liquidity and capital buffers in good times, as well as to improve their abilities to manage their risks. And those larger buffers would help to offset the moral hazard that may have been created through the expansion of our liquidity facilities.
We have observed the positive effects of the ECB's tightening stance on interest rate margins as deposit rates have remained around zero percent and lending rates have increased in parallel with market rates.