Overall assessment  Let me conclude with our overall assessment of financial stability at the current juncture: the euro area financial system has undergone a further significant test of its shock-absorbing capacity since the finalisation of the June 2008 Financial Stability Review.
It is difficult to deny that the stricter capital requirements, combined with the new liquidity rules and new taxes, will increase the cost of credit. We do not yet know the extent to which this higher cost will impact aggregate lending or the real economy.