But what does that mean for the integration of the European financial markets? In other words, what role do central banks play for financial market integration? And what impact will closer integration ultimately have on monetary policy? BIS central bankers’ speeches  1  I would like to explore these questions in the next 20 minutes.
The Dutch system, on the other hand, is characterized by legal separation between the sponsor and the pension fund, so that bankruptcy of the sponsor does not necessarily have fatal consequences for the fund. To me, this legal separation between sponsor and pension fund has two crucial advantages. First, it excludes insidious conflicts of interest.