Professor Philip Lane:

Our strategic plan signals the way forward for the next few years. It is to continue the work and move forward in the same direction of travel. We think the Central Bank should be in a phase of consolidation and continuity in the direction inherited largely from my predecessor and it is largely in line with broader European trends. As I said, we need to do more in dealing with structural risks, not just cyclical risks. As Ms Rowland said, our approach to consumer protection should add this extra layer of looking closely, firm by firm, at what is going on. Rather than just writing codes, being reactive and focusing on whether the information is clearer, we must be asking the banks in a challenging way if the consumer is central in their focus, as well as if there is consistency with their plans for new products and sales strategies. That is the line of travel.

On Brexit, the reality for whoever will come into my position is that it is not just an issue of what will happen in the coming weeks.

It will be a long-term issue in the context of the separation of the United Kingdom from the European Union.

On organisational capability, the Central Bank failed before the crisis. There has been a big rebuilding effort since. Much has been done in expanding staff numbers, as well as improving IT and other facilities. One cannot have an understaffed Central Bank. It is an ongoing issue to ensure the organisation is excellent and up to the job. It is vital that it be a well run and capable organisation.