That said, financial innovation and the growth of alternative investment vehicles, such as hedge funds, have had, in our assessment, an overall positive effect on financial markets in Europe, contributing significantly to enhanced market liquidity and greater pricing efficiency, portfolio diversification and a better distribution of risks within the financial system. However, hedge funds’ activities are also associated with potential operational and systemic risks.
BIS central bankers’ speeches  1  The progress achieved over the past three years to stabilise and strengthen the euro area is real. Growth is returning. The way forward is well identified. And we will not rest until our monetary union is complete. It is in our interest. It is also in your interest and that of everybody, everywhere. Thank you very much.