A sustained commitment to reform efforts is required and a rethinking of the institutional architecture of the euro area. For the ECB, new steps have been needed to maintain price stability in the face of fragmented financial markets. These new steps are not a departure from our mandate. Indeed, they are the only way to ensure that we continue to fulfil our mandate.
They require an estimation of extent of losses, loss given default our message is that Financial Inclusion  6  BIS central bankers’ speeches  should be viewed nether from the prophet or the profit motive but as a pragmatic business opportunity by the Banks.