This requires looking at more than how well a 7 R. Rajan, “Why We Should Exit Ultra-Low Rates: A Guest Post by Raghuram Rajan,” New York  Times, Freakonomics blog (August 25, 2010); T. Adrian and H. S. Shin, “Money, Liquidity, and Monetary Policy,” Federal Reserve Bank of New York Staff Report No.
The comprehensive assessment that preceded it has stimulated a substantial strengthening of euro area banks’ balance sheets, setting the preconditions for their renewed ability to adequately finance the economy. The ECB and the national supervisors are working to gradually remove national discretions and heterogeneities. The final objective should be to further foster financial integration so that banks operate in a full level playing field.