Let me also highlight that a key element of the SIFI policy framework is to develop strengthened resolution frameworks to ensure that all financial institutions can be resolved safely and quickly, without destabilising the financial system and exposing the taxpayer to the risk of loss.
It has facilitated closer economic ties between countries and allowed small and medium-sized enterprises to participate in cross-border value chains more easily. From 1990 to 2002, trade between the soon-to-be 19 countries of the euro area increased by less than 5%, whereas since the introduction of the single currency it has grown by almost 200%2.