Second, in government bond markets, there have been no signs of fragmentation in the euro area. Third, the euro has been rather robust in currency markets. What is more, bank equity and debt have recovered some ground over the course of this week. Let me add a few remarks on the euro area banking sector.
I think we can all agree that the industry is in a much better position than it was 10 or 15 years ago. Banks' capitalisation is much higher and stronger. Their liquidity position is also much stronger. It is fair to say that the euro area banking sector is resilient; and its regulatory framework is sound.