On the expenditure side, growth was driven by private consumption which grew by 10.1 percent, a stark reversal from the -4.8 percent in the same quarter a year ago, owing to much relaxed quarantine restrictions. Investments and external trade performed well, too. The employment picture is close to its pre-pandemic level.
Let me limit myself here to financial stability and supervision – given their importance in recent European discussions. According to the Treaty, the European System of Central Banks as a whole shall contribute to the smooth conduct of policies pursued by competent authorities in the field of prudential supervision and financial stability.