To sum up, the economic management of the euro area requires a combination of appropriate monetary and fiscal policies, as well as structural reforms and the liberalisation of product and labour markets, in order not only to foster economic stability and growth, but also to reduce the impact of adverse shocks or facilitate the adjustment of the economy thereafter.
A third, broader lesson from this event is that the regulatory framework for banks constructed after the GFC, with the refinements and recalibrations we have made over the last few years, held up well.