It has, however, not taken any further measures. That increases uncertainty because nobody knows whether the rules are currently being applied in full or not. The EU Commission should therefore come to an unequivocal decision that ensures the credibility of the Stability and Growth Pact as soon as possible. That does not fall within the mandate of the ECB.
Capital ratios, which up until last September had been affected by tensions on the government securities market, increased again; last March, the CET1 ratio averaged 13.2 per cent.