Weak financial sector can have an adverse impact on public finances, while deficient fiscal policies and macro imbalances can have negative repercussions on the financial sector. Resolving both problems will put the euro area on a track of renewed sustainable growth, leaving this crisis behind us.
However, given the complexities of transitioning between custodians, the cycle would be longer than for external fund managers or securities lenders. Page 7 of 13  The selection of fund managers  I would now like to take a moment to touch on the process we follow when selecting our fund managers.