For example, they will need to be able to respond to asymmetric shocks, that by their nature do not affect all euro area countries equally, and to more deep-seated economic problems related to the structure of their economies.
It is evident that they were ignored on occasion, wilfully or otherwise. As I said earlier, we are working with the industry to produce a principles-based code of conduct rather than a set of prescriptive regulatory standards. It will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations.