With this framework of regulations, agreements and agencies, the current supervisory system can boast quite a successful record in the area of financial stability. The most recent crises on international financial markets, for example, have been overcome by the European banking sector without any problems.
And that is why the Governing Council considers our interest rates to be appropriate. We are not biased – I have said that I was not preparing the markets for a rate cut. Nor am I preparing them for a rise in interest rates. We remain vigilant, realistic and pragmatic.