This strategy was later integrated and developed in the context of the Economic and Financial Assistance Programme negotiated with the European Union and the IMF. Financial stability is – alongside fiscal consolidation and structural reform – a key dimension of the adjustment programme. The aim is to ensure a gradual and orderly deleveraging that does not jeopardise the financing of the economy’s productive sector.
The strategy to increase the financial system’s resilience rests on four pillars:   First, strengthening banks’ capital base;    Second, protecting the system’s liquidity;    Third, enhancing the monitoring and supervision of the banking sector;    And, fourth, improving the regulatory framework. I believe it is worth looking into each of these four dimensions in some detail.