Notwithstanding the risks identified, market analysts are expecting that the profitability of euro area LCBGs is likely to strengthen further in the short term, underpinned by a favourable economic outlook and benign credit conditions. [see slide 12] Forward-looking market indicators for the credit risk of euro area LCBGs reflect this broadly positive assessment.
Fabio Panetta: Interview with TG1 Interview by Mr Fabio Panetta, Member of the Executive Board of the European Central Bank, with TG1, conducted by Mr Gennaro Pellino on 19 March 2020. * * *  Only a week ago, one sentence suggested we were looking at an abrupt change of direction. What has changed in a week?