Liquidity ratios have also risen and remained strong over the same period. And the fact that crisis-related decisions were taken at banking union level has enhanced the coherence, consistency and coordination of our response. This has been essential in ensuring an effective response and avoiding a patchwork of national measures with pronounced fragmentation along national lines.
But we need to do more to help us rebound from the current crisis and secure an even better and more resilient future. The ECB is a staunch supporter of the banking union and the capital markets union (CMU) – two central policy initiatives aiming to catalyse financial integration in the European Union.