These projections, which incorporate the uncertainty and risk assessment of the ECB/Eurosystem staff, are an important input into our economic analysis, but not the only one. The speeches and interviews given by the Governing Council members to many different audiences in the inter-meeting period are another important channel of communication.
The largest banks have already met their fully phased-in capital requirements, including the conservation buffer and the capital surcharge for the global systemically important banks. Also, the largest banks have been able to meet the post-stress capital requirements in the past couple of stress-test exercises run by the Federal Reserve.