But in fact, the dimension of the package was already taking the new risk development in the CESEE countries (where Austrian banks have a high exposure) into account and proved to be the result of prudent foresight. Moreover, compared with the banking systems in other countries (U.S.A., Germany, U.K. etc.
5 By lowering yields in this manner, the ECB will substantially improve the transmission of monetary policy, and thereby increase the prospects for economic recovery in Europe. Second, it would be helpful if European authorities would reframe the expectations of citizens and market participants regarding the time horizon over which European monetary union will be refounded.