I know that a stable foreign exchange market is also of significant importance to the Diplomatic Corps as it brings about stability and certainty in your budgeting processes. We are glad that by eliminating the negative NOFP we could be of some assistance to you.
Crisis management: bank recovery and resolution Even if the European Commission’s estimate that banking collapses have led to over € trillion (or 37% EU GDP) of state aid going to distressed financial institutions between October 2008 and October 2011 adopts the most expansive possible definition (and is far greater than the likely ultimate fiscal cost of the crisis), it is clear that crisis management and resolution has entailed extremely high budgetary costs, and even higher overall economic costs – crippling in the case of some countries.