The objective – of which the Eurogroup has taken note – is to assess the extent to which the current rules have helped to preserve financial stability, while minimizing distortion of competition and the burden on taxpayers. There will also be an assessment as to whether there is scope for simplifying the rules and improving their interaction with the crisis management framework.
It is desirable for the rules to remain reasonably flexible in order to safeguard a proper balance between financial stability and protecting competition. The challenges ahead The pandemic crisis was the first test bench we were able to use to assess the current macroprudential framework in a period of stress. The authorities responded in a timely manner using a number of tools.