Under the current conditions, it envisages: narrowing the budget deficit through prioritizing expenditures and raising revenues gradually reducing imbalances in the energy sector replacing the monetary financing of the budget with market borrowing decreasing demand for imports by imposing additional taxes discontinuing the practice of monetizing the state budget deficit.
Repairing the single market for capital is a collective endeavour in which the ECB has a role to play, in coordination with the European Commission and the European Supervisory Authorities. To this end, let me put forward a few ideas. Meeting the capital adequacy targets set by the EBA’s capital exercise should be a priority.