The EONIA, the reference rate for overnight unsecured interbank deposits, was developed by market participants with the facilitating role of the ECB. This example also illustrates how public authorities may also play the role of catalysts of collective action. And third, European financial integration is a process which calls for a very attentive monitoring as regards its impact in terms of financial stability.
These institutions must also learn to carry an umbrella. Yes, buffers are essential to consolidate public finances, to ensure financial stability. But not only do we need to be able to adapt to changing conditions and create the conditions to be able to adapt, we also need to be able to bounce back after things go wrong anyway. After 'the big snow'.