Although EMU represents a highly successful achievement it cannot be considered as the end-point of the European integration process.Apart from the necessity to successfully maintain and foster stability and growth, Europemust also meet the challenge of the recent geographic expansion of ten new Member States, which is of immense historical magnitude. The Maastricht Treaty was negotiated by 12 countries.
I will begin by saying a few words on the current condition of the euro area financial system. Then I will make the case for macro-prudential supervision in the single market of the European Union and discuss the issue of the conduct of macro-prudential supervision. I will conclude with some remarks on the issue from the point of view of the financial sector itself.