Substantial progress at the national level has been made across the euro area in terms of fiscal consolidation, and the structural reform process is ongoing. But there is no room for complacency and euro area countries cannot afford to let past consolidation achievements unravel, thereby jeopardising the medium-term downward trajectory for their public debt ratios.
We will also remain open to further adjustments to supervisory schedules and expectations, as needed. Thank you for the opportunity to speak with you today. I look forward to our discussion. 1 Board of Governors of the Federal Reserve System, Report on the Economic Well-Being of U.S. Households in  2019 – May 2020 (Washington: Board of Governors, May 2020).