6  De Bondt, G., Mojon, B. and Valla, N. (2005), “Term structure and the sluggishness of retail bank interest rates in euro area countries”, Working Paper Series, No 518, ECB, September. 7  De Fiore, F. and Uhlig, H. (2015), “Corporate Debt Structure and the Financial Crisis”, Journal of Money, Credit and Banking, Vol. 47 (8), pp. 1571–98.
In this regard, the first policy tool that is explicitly designed to address systemic risk is the countercyclical capital buffer, which will be phased in gradually from 2016 onwards.