To the extent this can be achieved, and I believe we have taken some innovative steps in this direction, supervisory and regulatory policies will be both less burdensome and more effective. Unbundling of Financial Services The unbundling of financial products is now extensive throughout our financial system.
Although showing a slight decrease from 14.6% at the end of 2017, the aggregate Common Equity Tier 1 ratio of euro area significant institutions stood at 14.1% at the end of the first quarter of 2018. Banks have made progress in reducing their stocks of non-performing loans (NPLs).