Growth will be the only solution to the accumulation of public and private debt. Conclusion Let me conclude. Our monetary policy response to the pandemic has removed adverse tail risks, preserved very accommodative financial conditions in all parts of the euro area and leveraged complementarity with other policies.
I am referring here specifically to the European resolution regime. At this point of the journey, the next milestones concern realigning the European resolution framework and its national counterparts, and banks building up bail-in-able capital in order to meet their MREL targets. Once these tasks have been completed, the rules will do their part to reduce the sovereign-bank nexus.