That’s the core to communication — we are clearly communicating about the current policy path, the current decision about APP and the forward guidance. Of course, future Governing Council can revisit this decision. But this decision was made and as the President said last week, no vote was necessary, there was a sufficient majority to back this decision.
Identifying and addressing risks beyond the banking sector Given the bank-based nature of the European economy, the state of the banking sector is central to our assessment of systemic risk. But the financial system is constantly evolving. Since 2008, the assets of the non-bank financial sector in the euro area have roughly doubled and are now slightly larger than those of the banking sector.