However, these dynamic effects are difficult to estimate precisely. Taken together, these factors mean that not only the efficiency of the measures per euro of liquidity injection, but also the overall scale of the measures is difficult to anticipate.
Between these two positions there is also a third one. Its proponents firmly believe that the current reform projects will eliminate the existing shortcomings of the regulatory framework and that the reforms therefore have to be completed. After that, we should monitor how the new rules work in practice before thinking about new regulatory projects. Behind that third position is where I align myself.