The Too-big-to-fail (TBTF) evaluation will address three main questions: 1. Were the reforms effective in reducing the perceived probability of the impact of failure of systemically important institutions? This question can be addressed by assessing changes in estimates of implicit funding subsidies and analysing progress in the resolvability of systemically important banks. 2.
To sum up, I should like to emphasise once again that, all in all, the euro has got off to a good start, also in the light of the counterinflationary policy setting. But the acid test still lies ahead. The major opportunities afforded by the euro are accompanied by corresponding risks and challenges.