Going forward, the rebalancing of banks' liabilities may also be influenced by their need to issue new bonds to replace, at least in part, the funding obtained in the past through the ECB's TLTROs and to comply with the minimum requirement for own funds and eligible liabilities (MREL).
Given the amount of risk in the global economy, the amount of uncertainty, not only uncertainty about the US, but uncertainty about the emerging market economies, Brexit is another-, adds another layer of uncertainty, Europe will have to be strong and united. So in a sense, we don’t need the US President to be strong and 3/4  BIS central bankers' speeches  united.