The current economic performance is very welcome – but it is important to be pro-active in mitigating pro-cyclical dynamics and building up buffers to limit the costs of future downturns. As I have outlined, both regulatory policies and fiscal policy have essential roles to play in macro-financial risk management. 3/3  BIS central bankers' speeches
This, in turn, would strengthen Europe’s strategic autonomy, or, in other words, develop a higher degree of European sovereignty. This is the third area where I see potential to build on what we have achieved during the pandemic. We have taken several steps over the last two years that have bolstered our autonomy in the world.