As the regulator, the CBB will continue to provide a strong framework of rules based on international best practice and will apply them in a transparent and fair way. We will continue to consult with the industry and to ensure that we are responsive to your needs. Ultimately, however, the future of the industry is in the hands of the industry itself.
Economic developments I would like to begin by talking about euro area economic performance and prospects. After many years of disappointment, during which economic recovery proved weak and hesitant, the signs are becoming more encouraging. Economic activity in the euro area is improving and the growth outlook, while still far from vigorous, is more favourable than it has been for some time.