Overall, thanks to its flexible design, the Eurosystem’s operational framework has thus far proved to be resilient and effective in the current circumstances and the ECB has succeeded in steering the overnight rate close to the key policy rate set by the Governing Council.
It is important to observe the spirit as well as the letter of the common rules. This also applies in the event of a future banking union. *** The financial crisis was succeeded by a sovereign debt crisis in the EU. This has revealed close negative interaction between the economy and bank finances in a number of member states.