Over the next two years (1993-95), mainly due to foreign investment flows, robust export growth and better invisible performance, the balance of payments situation turned comfortable and reserves surged by US $ 14 billion. A combination of prudent and unique policies for stabilisation and structural change ensured that the crisis did not translate into generalised financial instability.
Luis de Guindos: Euro area banks in the recovery Speech by Mr Luis de Guindos, Vice-President of the European Central Bank, at the Frankfurt Euro Finance Summit, Frankfurt am Main, 28 June 2021. * * * I am delighted to take part once again in the Frankfurt Euro Finance Summit and very pleased to be able to attend in person.