Micro- and macroprudential authorities have also acted swiftly and introduced a range of relief measures to help the banking system maintain the flow of credit. ECB Banking Supervision has allowed banks to temporarily operate below the level of capital defined by Pillar 2 guidance and the combined buffer requirement.
Don’t worry, you find yourselves in good company; many European governments are only now starting to realize that they haven’t paid enough attention to the “E” in EMU. My talk today consists of two parts. In the first part, I’ll focus on why it is that, for the Netherlands in particular, it is so important that the European project will be successful.