We all agree that capital markets should be more developed in continental Europe, and the financing of our economies more diversified, but bank credit will remain important for many years to come, particularly loans to small and medium enterprises, and its regular flow should not be slowed without reason by the obsession of supervisors to avoid blame if one borrower is late with a payment.
I come now to the crisis management framework and the SRM. As I said before, the MREL issue needs to be clarified. MREL sets the minimum level of bail-inable items on the liability side of each bank’s balance-sheet.