The relative impact of these and the interaction with diverse domestic factors has led to a policy framework which, in broad terms, shares common themes and objectives, while also reflecting important country and region-specific characteristics.
It is timely that we now consider our broader framework in the EU as the economic recovery has become more firmly established, and we see a normalisation of the financial cycle. At the same time, we are potentially presented with broader and more diverse sources of risk than when the parameters of the current framework were being designed.