Furthermore, given the low level of potential growth, 2  1  On this point, see “Unemployment in the euro area”, a speech by Mario Draghi, President of the ECB, to the annual central bank symposium in Jackson Hole, 22 August 2014.
It is extremely important that greater vigilance over adherence to these norms goes hand-in-hand with greater autonomy. Recent evidence of transgression of prudential guidelines by a few banks has raised the issue of the audit and supervisory functions of boards.