Economic capital, determined by management, will reflect managers' desired securities ratings and cost of funds, as well as their banks' operational and other noncredit risks. Supervisory oversight, however, will review actual or economic capital in light of examiners' evaluation of banks' internal models and their policies and procedures.
Before focusing on the economic outlook and topics for today, let me therefore say a few words on the economic governance reform. Comme vous le savez, le conseil Ecofin a adopté la semaine dernière une « approche générale » sur ce dossier. Cette approche contient diverses améliorations.