Finally, financial integration promotes the development of the financial sector – including structural reforms such as SEPA – thereby raising the potential for stronger economic growth. The Eurosystem believes it is a core task of a public authority to create a framework which fosters financial integration. The Eurosystem therefore closely analyses the state of financial integration and monitors its progress over time.
The implementation of the revised risk-based capital framework for banks was also deferred from end-2021 to end-2022 The period of relief on the reporting of past due and non-performing loans of borrowers affected by the pandemic was also extended to 31 December 2021 from the original timeline of 8 March 2021 subject to reporting to the BSP.