In the context of monetary policy, the ECB takes a close interest in market innovations that could directly or indirectly affect the Eurosystem’s control over the euro or shift some of its monetary policy to third parties.
Finally, to establish a strong resolution regime: we need to persist in our endeavours. It takes time and perseverance to overcome hesitation or reluctance, which is still present at some banks and authorities. Yet we also need to keep up our collective efforts if we really want to minimise the impact of bank failures on the real economy and society as a whole.