As might be expected, well-established operational objectives – such as increasing revenues and efficiencies while simultaneously decreasing costs – remain prominent.
The ECB is well aware of the possibility of monetary policy being “contaminated” by financial stability considerations. Monetary policy – even in crises and, I would say, particularly in crises – is about lending temporarily to solvent institutions. Lending to institutions which have long-lasting, structural funding and equity problems is the responsibility of the fiscal authority.