First, by strengthening banks they can contribute to enhance credit flows to the real economy, and mitigate the likelihood that a so-called credit-less recovery materialises, a type of recovery that is generally quite mild.11 At the same time, as macro-prudential policies can be targeted to specific sectors or regional developments, they can help attenuate the credit cycle heterogeneity characterising the euro area, and support a more balanced recovery.
The development of the Frankfurt Börse in the late 16th century, for example, was a joint effort between locals and traders from the Low Countries and Italy.1 Today, around four out of five 1/4  BIS central bankers' speeches  banks located in Frankfurt are from other countries. And Frankfurt has often been a European leader in the arts and design.