proposal. to propel the recovery forwards, europe has a strong engine at its disposal : the single market, the eu ’ s greatest achievement for its citizens. as recognised by this parliament just a few weeks ago, the single market is the source of our collective prosperity and well - being. so it is crucial that we repair, strengthen and deepen it in the coming months. and this is even truer for the financial sector. a genuinely integrated and resilient market is essential to ensure financial stability and the financing of our economy. so progress on the capital markets union agenda is crucial. priority should be given to initiatives and proposals aimed at mobilising private savings and improving transparency and information for investors at the european level. given the urgency of the situation, we should be open to any new and innovative ideas which can accelerate progress on the capital markets union. as members of the european parliament and the committee on economic and monetary affairs, you have an important role to play in bringing forward the legislative work on these dossiers. thank you, and i look forward to your questions. 4 / 4 bis central bankers'speeches

use of our credit operations, ensuring that our monetary policy tools remain effective even in times of severe financial market stress and against the backdrop of looming rating downgrades. of course, as the economic situation is evolving rapidly, we are constantly monitoring the situation. we remain more determined than ever to ensure supportive financial conditions across all sectors and countries to allow this unprecedented shock to be absorbed. we continue to stand ready to make further adjustments to our monetary policy measures should we see that the scale of the stimulus is falling short of what is needed. the impact of the coronavirus emergency on the european financial sector the pandemic hit the financial sector with an economic shock of unprecedented speed, scale and global scope. unlike in 2008, the current crisis did not start in the financial system. but the spread of the virus triggered a market reaction that at times rivalled the 2008 financial crisis in terms of the magnitude of price falls and volatility. the tightening of market conditions was abrupt, broad - based and, at times, disorderly. markets calmed following the announcement of forceful responses by monetary authorities around the globe. in particular, the ecb ’ s announcement of private and public asset purchases has helped to restore market functioning in many asset classes. in this challenging environment, banks ’ resilient balance sheets shielded them from the initial 2 / 4 bis central bankers'speeches cash - flow shock. recent efforts to build a stronger banking union allowed the banks to enter this crisis with healthier starting capital and liquidity positions than they had in 2008. at the end of 2019, the cet1 ratios of significant banks in the euro area stood at around 15 percent. the creation of a solid institutional set - up enabled us to take swift action to ensure that the euro area financial system continues to play its role in mobilising savings and directing funds into the real economy. in addition to the monetary policy measures i already mentioned, the ecb also took a number of supervisory measures. i will not elaborate on them now because the chair of the ecb ’ s supervisory board discussed them before this committee two days ago. these measures will release some of the buffers that were built up during the good times and help banks to continue providing financial support to households and businesses hit by the economic fallout of the pandemic. moreover, they will bring clear benefits in terms of maintaining a level playing field within the european banking sector. these microprudential measures were complemented by a range of macroprudential actions