The funding experience the package could provide useful lessons and guidance for the design of a European safe asset. To conclude, we need to understand ever better both the lessons of COVID-19 and the structural trends in the economy and their impact on financial stability.
I would coin the main message of my speech by paraphrasing James Carville: “It’s the resilience, smarty!” – That i.e. resilience should indeed be the critical driver of financial sector polies.