Does this mean that we have become like the Federal Reserve? In a certain sense, yes, because we are equipped with a comprehensive toolbox to support the euro area economy at all times, using tools like quantitative easing inspired by the US model, and the capacity to intervene in the markets. But there are also significant differences.
This will I believe set a new tone for harmonious cooperation between the several actors in promoting safe more efficient and stable leadership and management in the sector. This accord is the start of a journey we are making, together. It is not a final destination we have already attained.