Indeed, the stance of monetary policy should be normalised and the non-standard measures withdrawn in parallel with the gradual improvement in economic and financial conditions. Let me also stress that there are no technical obstacles to the implementation of our exit strategy. In any case, we have the instruments to allow us to actively withdraw liquidity.
Even so, I’m concerned to see that some countries outside Europe are adopting their own regulatory initiatives which breach the principle of cross-border consistency. I believe that the danger of banking regulation one day returning to the principle of “every man for himself” needs to be taken seriously. We must not let this happen.