The European repricing scenario, induced purely by European developments, includes an average increase in bond yields of 75 basis points unevenly distributed across countries (no increase for Germany and more than 200 for some more vulnerable countries), accompanied by an average drop of 10% in equities.
Nonetheless, they have neither the powers nor the instruments to deal with the impact of decisions in terms of supervision, resolution and implementation of competition rules, which are taken at European level and significantly restrict the options available to national authorities.