However, we continue to stand ready to react to downside shocks. While cyclical conditions have improved, we still need to address, without delay, the legacy of the crisis and reinforce the structural underpinnings of our Union. Tomorrow would have been the 97th birthday of a former President of the European Parliament, Emilio Colombo.
There are two further points I would like to make in respect of some of the tools which form a critical part on any crisis management framework. The first is the lender of last resort function of the central bank and the second relates to the recovery and resolution planning of financial institutions in distress.