risks in relation to our collateral framework. therefore, as with the pepp, it is crucial that our collateral easing packages are designed as strictly temporary measures that will remain in place until september 2021 or only as long as the direct consequences of the pandemic are with us. ample liquidity : refinancing operations ( tltro iii, peltros ) also in keeping with our mandate, i would like to briefly mention that we have been able to rely on the traditional tools we have at our disposal. for example, we have made changes to our existing refinancing operations and introduced new pandemic emergency longer - term refinancing operations ( peltros ) in order to provide credit to the banks and the real economy. as a result, we have seen a surge in the provision of credit in support of the real economy as well as a related knock - on effect on asset prices. supervisory measures – the need for an innovative approach to tackle the crisis i would now like to look at the supervisory side, where the ecb has had to take an innovative 3 / 5 bis central bankers'speeches approach to tackling the crisis. as i mentioned earlier, what is true for our bold monetary policy response to the pandemic is also true for our supervisory response : our measures are exceptional and temporary and within the regulatory boundaries of the internationally agreed framework. the ecb was one of the first supervisory authorities to recommend that all banks under its supervision restrict their dividend distributions in the light of the impact of the covid - 19 pandemic. soon after our announcements in march, other supervisory bodies around the world followed suit with similar measures. while not binding, most banks have followed the ecb ’ s recommendation. the recommendation exceptionally has adopted a “ one - size - fits - all ” approach owing to the current economic uncertainty banks are experiencing, leaving them quite simply unable to forecast their medium - term capital needs accurately. we will review this recommendation in december, and unless we conclude that the banks ’ capital projections remain clouded by exceptionally high uncertainty, we should revert to our usual supervisory practice of assessing the planned distribution of dividends on a bank - by - bank basis, taking into account the safety and resilience of the banking system as well as the preservation of its intermediation function at a time of deteriorating asset quality and increased capital consumption. another new development concerns the leverage ratio. on the basis of the amendments to the capital requirements regulation, ec

london and put them in the eurozone. i think they ’ re making a pretty clear judgment about financial passporting. so here i have to be -, to err on the side of caution. the ecb is supervising european banks. i ’ m not on that side, personally, but we have a responsibility, so certainly the way my colleagues in the supervisory arm of the ecb, daniele nouy, sabine lautenschlager, will look at it, is to make sure that any bank that moves to the eurozone will be supervised, will have risk management which will be appropriate, sound enough, solid enough, and they will have that discussion with the banks. would you agree it ’ s going to be very, very difficult for the uk to keep hold of all this, in a hard brexit scenario? again, it ’ s too early to tell, there are a lot of business decisions, they depend a lot on the individual environment circumstances of individual banks, so it ’ s just too early to tell. at the beginning of this interview, you talked about the outside risks. i think the one that ’ s been discussed most here in davos is donald trump, and which way that takes the global economy, the us economy in particular. he ’ s been very critical of europe, he ’ s said that once the uk leaves, brexit happens, other countries will leave. do you think there ’ s an opportunity or a risk here for europe, in the form of donald trump? well, we ’ ll have to know more about the new policies. it ’ s inauguration day today, we don ’ t know much about what the new administration is going to do. given the amount of risk in the global economy, the amount of uncertainty, not only uncertainty about the us, but uncertainty about the emerging market economies, brexit is another -, adds another layer of uncertainty, europe will have to be strong and united. so in a sense, we don ’ t need the us president to be strong and 3 / 4 bis central bankers'speeches united. we need to be united anyway. we have our home work to do, in terms of strengthening the eurozone, and in terms of moving together in the same direction, and this, whatever happens, in a sense, we ’ ll have to do, ministers will have to do, and we ’ ll have to do on our side. the sad fact is though, he