But not only did the recovery of the euro area economy turn out to be resilient to these shocks, it is even gaining some momentum and becoming more broadly based. The gradual firming up of the recovery allows us to refocus our attention to longerterm challenges.
What this means in practice is that the steps different market participants take to align their activities with the principles of the Code will necessarily reflect the size, complexity, type and extent of their engagement with the FX market. As I mentioned earlier, the first phase of the Code was released in May 2016.