Financial markets have been stable as turmoil arising from the European debt problem has subsided, and private consumption and firms’ production activity have been recovering moderately. For the time being, I will pay attention to the effects of further monetary easing by the European Central Bank (ECB) in June, including the introduction of a negative interest rate.
For example, we have seen that several third party providers suffered ransomware attacks that could have severely affected the financial sector. The big question financial institutions and supervisors need to keep asking themselves, especially in the current environment: is our operational resilience keeping up with the faster pace of digital developments?