Should some banks still need to resort to our funding extensively once markets are closer to normal, we would have to judge whether their funding constraints are a result of remaining market problems or whether they are primarily attributable to weaknesses in their balance sheets.
The labour market has been performing well—not as strong as in 2017, but very solid nonetheless—and unemployment is as low as we have ever seen it. Just last Friday we received the December employment report, with a rise of 9,000 jobs—not an extraordinary number, but solid.