It is expected to narrow further to 3% in 2022, and to turn into a surplus in the medium term, despite the fact that sizeable funds will continue to be channelled into infrastructure projects. This will put public debt on a sustainable downward path as of next year and contain it below the Maastricht criterion.
Since the ECB is responsible for European banking supervision, the Governing Council is the highest decision-making body not only for monetary policy issues but also for matters of banking supervision. These two responsibilities converge on the banks. Banks are a crucial element in the transmission process of monetary policy, while, at the same time, being the object of banking supervision.