We cannot involve ourselves in the day-to-day operational decisions or, even, strategies of a bank, since to do so would not only impair our objectivity in assessing the health of a bank, but would be too costly and probably too restrictive. It follows that we have to rely heavily on the competence and integrity of management.
[Slide 2. Probability of recession has increased in the euro area] The European Central Bank (ECB) revised its economic forecast downwards in September, projecting instead for the euro area about 1% GDP growth in 2023.