I will confine myself to a few remarks on two related matters: •  the issue of non-performing exposures (NPEs); 3 and  •  the regulatory guidance on the new expected credit loss model and its interaction with prudential capital requirements. The year 2015 was the first full operational year of the SSM.
But to be blunt, neither the rules nor the institutions have fully kept up with the times. To illustrate my point, I'm going to say a few words about the IMF in particular. The Fund was critical in establishing some of the rules for monetary policy and exchange rates in the years immediately following the Second World War.