L'Europe – these are the words of Schuman – ne se fera pas d'un coup, ni dans une construction d'ensemble. Elle se fera par des réalisations concrètes, créant d'abord une solidarité de fait. Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements, which create a de facto solidarity.
This ex post evaluation needs to take into account that the macroeconomic environment has changed since the decision to activate the measures: interest rates increased significantly in 2022, and the macroeconomic outlook has worsened. Yet, there are no signs right now that would indicate a contraction in lending driven by the macroprudential instruments.