This healthy position appears assured for the immediate future given the buffer between current capital levels and minimum European requirements. However, in the medium term the position becomes more uncertain, principally due to the anticipated strengthening of the minimum EU standards, uncertainty around profitability and uncertainty around the exact size of future losses in problem portfolios.
Some fundamental drivers will not change, of course. Price stability remains, and will remain, a precondition for a currency to gain widespread use, whether digital or not. For this reason, central banks worldwide have adopted price stability as their primary mandate.