Fabio Panetta: Protecting the European financial sector - the Cyber Information and Intelligence Sharing Initiative Introductory remarks by Mr Fabio Panetta, Member of the Executive Board of the European Central Bank, at the fourth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures, Frankfurt am Main, 27 February 2020.
Finally, prices in the non-tradable sector also ran ahead of actual increases in productivity during the boom years, leading to real effective exchange rate misalignments. The ensuing, persistent losses of competitiveness translated into an accumulation of external imbalances. The facts of the Lehman collapse in late 2008 and the subsequent sovereign crisis in mid-2010 onwards are well known.