Thanks to the euro, it was no longer subject to exchange rate risk, it has access to an integrated economy comprising 330 million European citizens, and it has benefited from having a currency which inspires confidence and has therefore afforded Greece low medium and long-term market interest rates.
And third, as a result of the first two, the AQR will foster confidence in the banks among all the major stakeholders. Overall, these measures will help to restore confidence, contribute to integration and stability and therefore support a normal functioning of the banking system and monetary policy transmission. The goals of Single Supervisory Mechanism will, therefore, crucially complement our monetary policy objectives.