I have spoken previously about how our macro indicators tend to have higher highs and lower lows than other countries.
Ensuring consistency between micro- and macro-prudential policies – and, based on what I have just said, monetary policy as well – is absolutely necessary to support the economic recovery. As I have already observed, guaranteeing a strong capital base was essential to regain full confidence in the solidity of the European banking system and to provide adequate financial support to the real economy.