As regards these initiatives, I would like to underline that the ECB has always been supportive of exploring the feasibility of such measures. However, for such measures to have the desired effect, it is important that an internationally coordinated solution is ensured. I am also of the view that any contribution by financial institutions should be complementary and coherent with supervisory and regulatory regimes.
Sequencing of the implementation of measures is thus of utmost importance. Finally, it is important that the higher overall cost of funding is not passed on to the customers, for instance in the form of higher lending rates/fees or lower remuneration on deposits.