In terms of capital depletion, the 2018 stress test resulted in an adverse scenario reduction of average core capital of 3.8 percentage points, up from 3.3 percentage points in 2016. I would like to highlight two main points underlying these results.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued robust convergence of inflation to levels that are below, but close to, 2% over the medium term.