Third, the achievement of a public good can refer to the national jurisdiction of the public authorities, while the overall global optimum may not be achieved. Thus, national authorities have to take into account the externalities of their actions on an international level.
Fourth, the euro and the European integration process have greatly enhanced our capacity to absorb shocks and to react quickly in situations of financial turmoil. There are still tasks and room for improvement ahead us, but we have done a lot in recent years to constantly optimize our financial infrastructure.