The ECB will wait for the decision of the European Court of Justice in “all humility and calm”. And like him, I am very optimistic that the interaction between the ECB and the Court of Justice will lead to “a good result”. Until then, we are not limited in our actions.
1 So we need to work towards a genuine single market for all forms of financing – for loans, bonds and equity. Still, despite all these positive aspects, we must also recognise that, in practice, the process of adaptation and structural change in the financial sector could have unwelcome consequences. As such, we cannot be completely agnostic about how that process evolves.