From the macro prudential perspective, fear of pro-cyclicality and debt sustainability might suggest: take care. This has been a central dilemma for policymakers in the Eurozone in many countries. As I would like to discuss today, this will be a key policy choice for the European Central Bank under a banking union.
If the program is successful, the program could be  1  See Board of Governors of the Federal Reserve System, FDIC, Office of the Comptroller of the Currency, Office of Thrift Supervision (2008), "Interagency Statement on Meeting the Needs of Creditworthy Borrowers," joint press release, November 12.