2 But predicting the exact dimensions of this slack is complicated, since the crisis is also likely to affect potential output in various ways that are difficult to quantify.
Your excellences, it is a great pleasure for me to tell you today about the Banking Union and give a short overview on where we are today. The Banking Union creates a comprehensive legal and institutional framework providing authorities powers and tools to deal with ailing banks. Major steps have been taken already, but there is still some work ahead.