By solvency standard I mean, for simplicity, a target probability of insolvency. First, the macro-prudential solvency standard for individual institutions would be calibrated with reference to their systemic significance; its micro-prudential counterpart would be uniform for all.
These projections foresee annual real GDP growth at 4.0 per cent in 2021, 4.1 per cent in 2022 and 2.1 per cent in 2023. Compared with the December 2020 Eurosystem staff macroeconomic projections, the outlook for economic activity is broadly unchanged.