The lower bound of the interest rate on deposits is a technical constraint and, as such, may be changed in line with circumstances. The main test of a central bank’s credibility is – as I have said before – the ability to achieve its objectives; it has nothing to do with the instruments.
In order to find a credible solution to the too-big-to-fail problem strong political commitment would act as a helpful support. Taking the time constraints into account, I want to conclude my remarks. Nevertheless, I do not want to fail to mention that macroprudential surveillance has to go beyond the focus on individual national institutions.