Together with other factors, such as the still high share of non-performing loans in the balance sheets of some banks as well as regulatory challenges, this could have a negative impact on the economic recovery in the euro area. We are therefore monitoring developments in this area very closely.
In this month a gust of Italy seems to have blown across Frankfurt (thanks, too, to the coincidence that the cultural events happened to be held at the same time as the installation of an Italian president in the Eurotower).