As requested by the Committee, I will now turn briefly to the issue of fragmentation. Since we embarked on our normalisation path in December 2021, we have made clear that we will act should fragmentation risks threaten the even transmission of monetary policy across the euro area.
Let me also say a few words about the second element of Banking Union that has been agreed in March: the Single Resolution Mechanism. The SRM, together with the rules of the BRRD, will provide a comprehensive framework allowing banks to be wound down in an orderly way in the future.