Yet, a very important issue, on which I have myself no clear answer, is how – not so much whether but rather how – this convergence in the understanding of the “optimal” features of the operational framework under stress, should be reflected by the design of the operational framework in the steady state.
For this we need, in particular, to develop a better understanding of the optimal mix between private market and central bank intermediation and we need to carefully liaise with supervisory bodies. I should clarify that when I say “optimal” in this context, I do not mean “uniform”.