What do you think? A window of opportunity is opening. It must be seized. In electing Emmanuel Macron, the people of France have confirmed their attachment to the single currency. This gives the new president a strong mandate but also a responsibility to bring forward proposals to reform the euro area. For the ECB, this is good news.
How big is the threat of large bad debt on the restructured portfolio? It is clearly something you need to watch out for. It may put some stress on certain individual banks. When the restructuring option was given, it was based on the premise that genuine borrowers in distress as a result of the liquidity squeeze would be subject to that restructuring.