This helped to counteract weakened corporate lending and the market-related activities of banks. I now come to the structural factors that contribute to the EU banking sector’s resilience. There I see that efforts made both by authorities and by banks, as well as developments in financial markets, have paid off.
As a central banker, I would like to start with the role played by the authorities. Over recent years, the regulatory and supervisory framework for banks has been greatly reinforced. Here we should duly recognise the progress made under the influence of the extensive guidance developed by the Basel Committee on Banking Supervision.