*  *  Introduction  Ladies and gentlemen Do you think that banking regulation and its implications are the stuff of which myths are made? For my part, I was sceptical about that for a long time. Nevertheless, the last two years as a banking supervisor have taught me better.
The economic recovery from the pandemic is at a very difficult stage. Near term, rising COVID-19 infections will dampen growth and could even deepen our economic hole. Uncertainty is elevated, and the recovery is going to be long and choppy.