capital. and you have then there, for instance, the shocks admitted on sovereign bonds imply a loss of €28 billion for the banks in the exercise that administrative costs and other expenses imply a drop in profits and in capital of €865 billion. and that loan losses coming from the assumptions of the stress test on the probabilities of default and the loss given default of the credit portfolio of the banks imply a loss of €378 billion. and that ’ s how you reach €181 billion. and the difference with €182 billion that i showed before is just a matter of approximation – it ’ s the same figure. and this is the disaggregation of the figure. so this really shows that the exercise was indeed quite strict. it was implemented by officials and private experts. and the results, as i said, guarantee that going forward the economic recovery will not be hampered by credit supply restrictions. bis central bankers ’ speeches

however, in the medium term the sources of financing of the european economy should become more diversified, so the action plan for capital markets union ( cmu ) should be ambitiously pursued. a further challenge that accompanies the current recovery is, in addition to new waves of the pandemic, asymmetry between sectors and countries. this issue is partly addressed by the recovery and resilience package known as the next generation eu. the package has not only been designed to boost aggregate demand in the medium term but also addresses longer - term challenges such as greening of the economy, europe's lag in digitalisation, country - specific structural challenges and 2 / 3 bis - central bankers'speeches economic resilience in general. the package has been designed to channel more resources to vulnerable, most affected countries. the success of the package is important not only for increasing aggregate demand and strengthening long - term economic potential, but also for the possibility of future use of such a solidarity mechanism of financing investments and reforms. further progress in european fiscal integration would be welcome, but this should go hand - in - hand with fiscal prudence and reduction of risks. to strengthen economic and financial resilience, action is urgently needed in various areas, not just economic ones, which is an important lesson from this health crisis. in addition to lowering the risk of future pandemics, which could otherwise emerge more often than in the past, we need to address more consistently the risks related to climate change. governments and parliaments have a key role to play, but we should also contribute to the efforts, each institution within its own mandate. at the eurosystem, we are gradually incorporating this ambition into various areas of activity, from monetary policy and management of the non - monetary portfolio to banking supervision and monitoring financial stability. the pandemic crisis has accelerated digitalisation, which also represents a path to faster recovery. as our lives become increasingly digital, be this in terms of interpersonal communication, finance or health services, we are becoming more vulnerable to cyber attacks, which continue to spread and are becoming more sophisticated. efforts need to focus not only on protecting critical infrastructure, but also on raising wider societal awareness and a culture of cybersecurity. * * * the topics i have touched on will be discussed in the panels of this forum. so let me conclude with a final thought that the decisive and well - coordinated response of national and eu economic policies to the pandemic shock has revealed