This availability of differential calibration of macroprudential tools is particularly important in the euro area where the single monetary policy focused on average conditions does not allow member countries to use monetary policy instruments to avoid specific excessive credit booms and/or asset price misalignments.
I would hope that EU institutions will be able to reach an agreement on these and other CRDIV matters by the summer of this year. Let me now turn to the comprehensive reform of the EU framework for securities and derivatives regulation, which gained momentum in 2011.