Again, this has led to differences across countries. Here we have made some progress, though. Together with the national supervisors, we have agreed to exercise a number of options and discretions in a harmonised manner. But there are still O&Ds that lie in the hands of governments. So it is up to them to bring about more harmonisation.
Gabriel Makhlouf: Lessons from Covid – a macroprudential framework for the market-based finance sector Opening remarks by Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland, at the Bank of France Financial Stability Conference 2021 Roundtable, 1 March 2021.