On the risk measurement side, we will be taking stock of the current framework, particularly around the internal risk models used by the four largest banks since 2008. Our experience, and that of other regulators, is that it can be very difficult to assess whether these models provide objective measures of the underlying risks banks face.
•  Third, the ECB’s operational framework comprises a broad set of instruments so that the exit strategy can be formulated in a flexible way. For example, the interestrate corridor allows short-term interest rates to be changed while keeping some nonstandard measures in place should the need arise.