Bearing in mind both these principles and the key areas for policy change at central banks and other financial regulators, let me now suggest some specific subjects for near-term emphasis.
The accelerating process of European integration has abolished various obstacles that were previously in place because of national boundaries and different legislations. And the development of a single financial market in Europe has led to a situation where the financial system can fulfil its core functions much better than it could fulfil them two decades ago.