A number of regulatory developments complicate matters still further: to mention only a few, consider the ongoing phase-in of the capital rules, the adoption of stringent liquidity requirements, the introduction of the TLAC framework, and the implementation of the BRRD. 3. The question, in conclusion, is how we should steer micro- and macro-prudential tools towards the objectives of stability and growth.
Our answer will be crucial for the euro area and Italy, where banks play a predominant role. I am sure that Danièle and Claudio will help us to advance our understanding of this critical issue. My own answer is strong, close coordination.