Thus, for example, our stress testing program assumes that a firm will continue to make its planned capital distributions during a stress period even though the regulatory capital rules now include a capital conservation buffer to limit such distributions.
All in all, recent developments and forward-looking indicators together allow us to conclude that the main scenario for the euro area financial stability remains favourable going forward. The fact that the global and euro area financial systems have so far proven resilient to a series of adverse disturbances, while comforting, does not provide any ground for complacency.