Over the years it has increasingly developed into a standard-setting body and although its standards – such as Basel I and Basel II – are not legally enforceable they have in fact become the worldwide benchmark. The list of factors that contributed to the financial crisis is long.
These measures will effectively complement and strengthen the targeted longer-term refinancing operations (TLTROs) whose first allotment was just conducted a few days ago. In this respect, let me provide you with some fresh details on the outcome of the first TLTRO operation. Last Thursday, 255 banks participated in the first TLTRO for an amount of 82.6 billion euros.