This means that the capital ratios are then not comparable although that is many times ignored by market and media perceptions, clearly to the detriment of European banks. Third, the restructuring efforts in the stressed countries to strengthen their banks with the help of the European Stability Mechanism (ESM) funds have led to improved funding conditions for euro area banks.
A special word of thanks to Mr. Iwan Sewberath-Misser, Country Representative at Inter-American Development Bank, and to the various Ministries who have lent much support to this event. There is no doubt that the importance of the SME sector to the supply side of the economy is much more widely appreciated now than it used to be.