We must avoid the pitfall of being complacent with high debt levels that will prolong fragmentation and ultimately hamper growth. Institutional barriers between financial markets And with this I would like to turn to the last of the three pitfalls that I listed at the outset.
I believe that institutional barriers between national financial markets remain one of the key pitfalls in the quest to secure defragmentation. In the crisis the institutional responsibility for dealing with bank problems was exclusively with the individual EU countries. In some cases, as in Ireland, the problems of domestic banks overwhelmed the fiscal capacity of the sovereign.