This makes us a very good case to examine – in practice – the effectiveness of the macroprudential policy framework under extreme COVID-19 conditions. Prior to this year, critics would say that our macroprudential set-up was perhaps too wideranging and excessive. But this crisis showed, I believe, that our policy stance was the right one.
Progress in this direction will not only enhance the underlying growth potential of the euro area economy over the medium term but will also help to bolster consumer and business confidence over a shorter horizon. We are now at your disposal for questions. 2  BIS Review 73/2004