And just last week, the European Commission proposed bank structural reform that would prohibit certain large European banking firms from operating standalone proprietary trading desks, though this proposal appears to differ from the Volcker Rule in a number of significant respects.
We will ensure smooth liquidity conditions and implement the sanctions decided by the EU and European governments. We will take whatever action is needed to fulfil our mandate to pursue price stability and to safeguard financial stability. At our meeting on 10 March we made a first assessment of the impact of the Russia-Ukraine war.