Third, apart from establishing a new institutional architecture, we also have to accomplish the more immediate task of reducing debt levels and securing the sustainability of public finances. Given the exceptional nature of the current crisis, it is necessary to think carefully about a reasonable and balanced reform package to be able to distribute the costs of the crisis in an equitable manner.
Furthermore, it should be possible to communicate this evaluation in a concise but comprehensive way to all stakeholders in the institution. In order to achieve this, a comprehensive risk evaluation toolbox needs to be put in place. This toolbox should comprise of a suite of complementary statistical risk models and a comprehensive stress testing programme.