I therefore agree with my colleague Mark Carney from the Bank of England who once said in this context that it is sometimes good to wear a belt and suspenders to prevent your trousers from falling down.
Last but not least, I would like to come back to a point I mentioned earlier on today, which is directly related to financial regulation: Sovereign exposures on banks’ balance sheets still represent a channel for the dangerous sovereign-bank nexus which acted as an accelerant in the euro-area crises. It is essential, then, for sovereign debt to be incorporated appropriately into banking regulation. 5.