These initial conditions include levels of government expenditure and taxation in the euro area that are, in relation to GDP, already among the highest in the world. And we are operating within a set of fiscal rules – the Stability and Growth Pact – which acts as an anchor for confidence and that would be selfdefeating to break.
Supervisory procedures and action in the case of transactions involving the capital of banks  The controls on the ownership structures of banks contribute, together with the other instruments of prudential supervision, to the pursuit of the objectives of sound and prudent management of intermediaries and the stability, efficiency and competitiveness of the banking and financial system (Article 5 of the Consolidated Law on Banking).