This has contributed to strengthening our financial system. But we still need to enhance the countercyclical use of our macroprudential instruments by providing adequate macroprudential space to support robust lending and the real economy throughout the cycle. Equally, we urgently need to develop and, where appropriate, deploy the necessary macroprudential instruments for non-banks as well.
Finally, we must also pursue the ambitious plans laid out under the CMU to create a deep and integrated European capital market. All of this will allow us to improve financial stability across the wide array of financial institutions and markets that make up the financial system.