These numbers show that even before the results are announced, the comprehensive assessment is delivering on its objective of repairing and strengthening banks’ balance sheets as the ECB takes on its new supervisory responsibilities. But tonight, I would like to look beyond Sunday to the bigger picture surrounding the comprehensive assessment.
In this regard, I appreciate assurances by European leaders to the effect that QE must not substitute structural reforms. However, I have to admit that they made me think of a famous quotation from Goethe’s Faust: Die Botschaft hör ich wohl, allein mir fehlt der Glaube – I hear the message well, but lack Faith’s constant trust. 4.