Likewise, the transparent and consistent implementation of the European Union’s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. Improving the functioning of Economic and Monetary Union remains a priority.
First and foremost, it is certainly the banks’ responsibility to fulfil these criteria. It is the responsibility of regulators, however, to put in place a stable regulatory framework. Nevertheless, in designing such a framework they have to look beyond the individual bank.