economies we have long recognized the key role of the banking sector and its health has been a constant preoccupation of the authorities, especially of Central banks which, even those not directly involved in supervision, have a wider responsibility for the good functioning of the financial system as a whole and the payment systems.
Let me first stress once again, however, that we – like the IMF, BIS and other central banks – had basically long been expecting a correction of risk premiums, which had been strikingly low for some time.