Against this backdrop, one thing seems important: we need to enhance the resilience of the financial system. It will then be better able to withstand shocks, no matter from which direction they come. The starting point for this exercise should be the individual bank.
It is the world’s second largest economy, accounting for around a quarter of global exports and more than 15% of global investment. And the euro has established itself as a strong and stable reserve currency. In that time, the European Central Bank (ECB) has maintained price stability in line with its mandate, despite the most severe crisis since the 1930s.