Hence, we are concerned that a further (unexpected) aggravation of growth trends might expose the vulnerabilities and cyclical risks that have been building up. • Third, the countercyclical capital buffer (CCyB) is an appropriate instrument to address cyclical systemic risks.
The work that you do – building these bridges to opportunity – is about creating a better future for all of us who live in these special places. It will not be easy, and there is no quick fix, but it will be one of the most important things we can do. Thank you for participating in our program this year.