Between 2001 and 2004 the establishment of three so-called “level 3” committees to provide technical support to the Commission and to collaborate with national authorities in the area of banking (CEBS), insurance (CEIOPS) and securities (CESR) has brought about closer cooperation between the authorities and has enhanced the convergence of supervisory practices.
Financing conditions therefore always have to be assessed in combination with economic developments. And it is indeed the case that financing conditions are still favourable, all things considered. Advances on the vaccination front mean that the economy in the euro area, too, is now probably making its way out of the crisis.