A final point I would like to stress with regard to the activities of the Eurosystem in the field of financial stability concerns its ability to cope with a possible financial crisis affecting the euro area.
To this end, the Eurosystem carried out a comprehensive financial crisis simulation exercise in May 2006 which confirmed its preparedness to deal with potentially systemic events that could affect the euro area’s financial system. This exercise also contributed to the enhancement of the existing arrangements for managing financial crises.