Instead, there was a strong consensus in favour of actions at a European level to continue the preparations for the package of directives. This has, as you will know, manifested itself in EIOPA’s initiative to publish interim guidelines to help prepare for the directive, so let me take a little time to describe these and the Central Bank’s approach to their implementation.
Having said that, I am wondering whether it is valid to employ the Tinbergen principle in this context. The two objectives are not independent but closely connected with each other. It does appear that an intra-temporal trade-off exists between current price stability and current financial system stability.