Our credit operations are temporary and the market has all the information to date to anticipate their unwinding and make adequate adjustments to prepare. If liquidity conditions should prove too lax while central bank credit is still abundant, we have available instruments of liquidity re-absorption to tighten money market. Some of these instruments have been tested successfully in the course of the crisis.
Finally, let me stress that a sound financial system is a necessary condition for an orderly exit, hence the importance of a swift implementation of the banking union in the euro area. This should include not only the Single Supervisory Mechanism but also a Single Resolution Mechanism, with a single resolution fund based on contributions by the industry and a common, last-resort fiscal backstop.