These are not the times to worry that rising government debt today could undermine price stability tomorrow. On the contrary, using fiscal and structural policies more actively in the current environment will, if used wisely, support price stability and foster central bank independence.
So let me conclude by saying that despite the progress made, there is more work to be done: on the operationalisation of tools, on further improving data or the interaction with the policy and research community to enhance stress testing models. I would therefore encourage authorities, including the European Commission, the ESRB but also ESMA to continue to contribute towards this goal.