I believe that the market has understood this message well. Is the banking sector in sufficiently good health, in your view? Is the worst now behind us? In this respect, too, we have experienced a dramatic period. I should first like to stress the fact that Europe as a whole – governments, national parliaments, European institutions, etc.
BIS Review 164/2009  1  – has overcome unprecedented challenges since the Second World War. We have managed to avoid the kind of dramatic events experienced on the other side of the Atlantic. In an intense period of stress, the European apparatus, which is extremely complex, has proved resilient. This is very rarely acknowledged.