However, under the existing regulatory framework, responsibility for fiscal policy – as for general economic policy – lies with the individual member states, as I have already mentioned. From the outset, there have been measures in place designed to prevent unsound public finances from jeopardising the stability of the single currency.
Table 1  Liquidity Coverage Ratio (1) (per cent)  31 January 2019  30 September 2019  31 March 2020  31 May 2020  Significant banks (1)  163  165  161  173  Less significant banks (2)  256  286  339  309  Total banking system  173  177  174  188  Sources: Consolidated supervisory reports for banking groups and individual supervisory reports for stand-alone banks.