Under new policy, mutual organisations will be able to have a banking licence, or to own a bank -- subject, of course, to satisfying prudential qualifications. Previously, it was possible for mutuals to be associated only with non-bank DTIs. It will also be open for banks to be established under non-operating holding company structures.
Many ran fiscal surpluses for years before entry into the euro. To support this process, it is urgent to improve euro area growth rates, which are projected to remain low for a number of years. This can be done by unlocking the many rigidities that still exist in euro area product and labour markets. This process of debt stabilisation is already well underway.