Further negotiations resulted in the Treaty of Maastricht, which, despite the serious problems in the EMS during the years 1992-93, finally led to the launch of EMU in 1999. The EMS crises in 1992 and 1993 could have been fatal for the EMU project and served to show that EMU was not inevitable.
Following the first recapitalization of our banks in 2012, we began to reform and consolidate the banking system. Banks sharply reduced reliance on central bank funding, while forming provisions for bad loans. As a result, they have been able to attract private investors. Early this year, we concluded follow-up stress tests that were exceptionally well received by the markets.