So I do not intend anything that follows as a comment on the current stance of our policy. Before getting too deep into the details, let me preview my bottom line.
For the EU, negative spillovers from national measures imply that the aggregate macro-prudential stance is weaker than the sum of the individual measures. Ultimately, it implies that financial integration based exclusively on national financial policies cannot ensure financial stability. This is because the joint pursuit of financial integration and stability exceeds the remit of national policies.