Given the relative strength of the underlying fundamentals – although pockets of vulnerability do exist – the central scenario is that the impact of the financial turbulence on the intermediation of credit is likely to be relatively contained.
Nevertheless, low probability but plausible and challenging scenarios for financial stability could be triggered by adverse disturbances that affect global market liquidity conditions or if unanticipated credit events were to occur. Let me draw some further, albeit preliminary, lessons and putting forward tentative suggestions.