The European Central Bank (ECB) will ask banks to provide weekly liquidity data starting in September so it can more frequently test their ability to withstand potential shocks as interest rates rise, the ECB’s supervisory director said.

In an interview published by Milano Finanza on Saturday, Andrea Enria said that European banks are stronger than before, but that financial markets are still in a “delicate phase” due to the war in Ukraine, higher inflation and rapidly rising interest rates.

All these factors could increase liquidity and funding risks, Enria said, adding that the ECB will be very focused on it in stress tests and other ongoing supervisory processes.

“We decided to send a weekly information request to the banks, starting in September, in order to have more recent data that will allow us to better monitor the evolution of liquidity,” Enria said.

Currently, banks are required to provide monthly liquidity information to the ECB.

The results of the bank stress tests will be released in the coming days, and Enria said they will show that European banks can face a potential financial crisis from a stronger base, with higher levels of capital and stronger, more reliable assets.

When asked if Italy needed a third big banking group besides UniCredit and Intesa Sanpaolo, Enria said there was room for consolidation, as in other European member states.