Within the limits of our powers, we have acted to strengthen the cooperative banks and induce them to make changes considered indispensable. We have asked them, like all the other banks, to upgrade the membership and improve the functioning of their boards of directors, so as to improve their capacity for governance. We have introduced rules on executive compensation, based on European regulations.
We have of course the SEPA [Single European payments area] project, which is also a very ambitious one, and where we have played a role as a catalyst, crystallising positions. In all these domains the Eurosystem is very active. In the Executive Board Gertrude Tumpel-Gugerell and José Manuel González-Páramo are devoting a lot of time to foster financial integration together with the Vice-President.