This suggests that the current composition of capital requirements may need to be rebalanced to give the CCyB a more prominent role. Opportunities and challenges for euro area non-bank financial institutions I will now turn to the euro area non-bank financial sector, which has grown rapidly since the global financial crisis.
It was a year where our society has succeeded to recompose itself in an accelerated fashion so that our social life can function in more tranquility. We can also note that the year 2004 was also the year where we achieved macroeconomic stability which would provide a stronger basis on which to base the growth of our economy.