I am optimistic that the banking industry will continue to play an important role in supporting the various sectors of the economy and in particular, the challenge to address the nation’s infrastructure gap. The Central Bank is committed to creating an enabling regulatory environment that facilitates the banking sector to effectively execute its intermediation function.
As a consequence, changes in our main policy rates have had uneven effects across countries, thus undermining the singleness of monetary policy. The ECB has responded to this with a range of non-standard monetary policy measures. In doing so, it has adopted solutions that have addressed the specific short-run challenges, while reconfirming its medium-term price stability commitment. Let me give three examples.