And thanks to their robust capital buffers, banks have the room to continue lending. This shows why it is so important to build up buffers in good times. Yes, De Nederlandsche Bank is singing the same old tune again. I am sure you recognise it. But, as one of my predecessors once said: the old tunes are often the best.
Our economy's strong foundation means we will also ultimately recover from this crisis. But I am honestly more concerned about Europe. The European economy is expected to contract sharply this year. The ability to recover from such a blow is certainly not equal in all European countries. I am particularly concerned about the southern member states.