We have posted positive growth rates throughout the crisis, averaging 4 per cent per year or not far below trend levels. Unemployment is at 8 per cent, a far cry from the rising joblessness in some of our major markets. Inflation has come down. Reserves have gone up. Our banks are solid and well-capitalised.
Despite some initial temptations for re-segmentation of prudential competences, the response will be at the European and at the EU27 level. It will consist of the implementation of new concepts and institutions aiming at de-risking the financial industry.