Real exports for the October-December quarter of 2015 have increased for the second consecutive quarter, mainly in those of motor vehicles and IT-related goods, registering an increase of 2.8 percent on a quarter-on-quarter basis.
However, we still observe a number of obstacles that hinder the fungibility of capital and liquidity of banking groups. Very often, these obstacles relate to regulatory fragmentation and ring-fencing of national markets. Further harmonisation would help to address many of the issues, while appropriate prudential safeguards can be put in place to address possible financial stability concerns by national authorities.