Risk assessment In the context of the slowing global economy, risks to growth are primarily on the downside, in particular in the near term. As reflected in the downside scenario in the staff projections, a long-lasting war in Ukraine remains a significant risk to growth, especially if firms and households faced rationing of energy supplies.
From a purely conceptual perspective, there is some validity in the argument that the value of certain of the assets that I mentioned earlier can be questioned in periods of extreme stress, which would suggest their deduction from regulatory capital.