*  *  *  Over the past twenty years, the American economy has absorbed the major shocks of two stock market slumps, the terrorist attacks of September 11, and debilitating corporate scandals. But we have also been subjected to other shocks, the most immediately prominent ones being the oil and gas price surges of the past two years.
Third, the reliance of domestic banks on short-term financing from the Eurosystem remains high, in contrast to other euro area countries, and must be gradually brought down to more reasonable levels. Fourth, despite the boost in confidence achieved after the recapitalisation, the accumulation of non-performing loans gives rise to concern.