Europe has given proof of its cohesion and farsightedness in designing a common strategy that looks to the future of the new generations. However, the double transition will require a great capacity to adapt and very substantial investments on the part of all our countries, and far beyond the time horizon of this programme.
A recent impact assessment, based on a sample of 54 banks across 20 Member States published by the European Banking Authority, suggests that the introduction of IFRS 9 would lead to an increase of provisions of about 13% on average.13 The expected credit loss approach also means that banks will have to react in their accounting to new and forward-looking information as it is received.