Vice-President of the ECB, Victor Constancio presented the 2015 ECB Annual Report to the European Parliament's Committee on Economic and Monetary Affairs on 7 April 2016. The Report sets out the current challenges of the euro areas as being "(i) a further increase in risk premia, a decline of financial asset prices inducing capital losses, in the context of possible emerging market stress and persistently low commodity prices; (ii) weak profitability for insurers and for banks, aggravated for some banks by non-performing loans (NPLs) inherited from the crisis; (iii) sovereign and corporate debt sustainability concerns; and (iv) the potential for stress in the investment funds sector – and shadow banking more broadly". Mr Constancio emphasised that there is no room for complacency in relation to risk reduction in the EU's financial system, despite the progress made to date. The ECB sees its supervisory work in relation to legacy assets and non-performing loans as a priority. The Report also emphasised the importance of creating a 'truly single rulebook' for banking and highlighted missing elements of the international regulatory agenda, such as the need to implement the Financial Stability Board's total loss-absorbing capacity standard for large, complex, global systemically important banks within the EU framework. In presenting the report, Vice President Constancio welcomed the EU Commission's proposal for the European Deposit Insurance Scheme and emphasised the ECB's strong support for the capital markets union.