Ultimately, however, smaller institutions will also benefit from the Single Supervisory Mechanism, even if they are not supervised by the ECB directly. 4. Conclusion Ladies and gentlemen We have set ourselves an ambitious goal, to make the financial system more stable. The banking union is, without doubt, one of the largest steps towards achieving this objective.
Technological changes have reduced the cost of capital relative to labour, encouraging businesses to use more physical capital, in particular more computers and computer-based equipment. And there has been an accompanying shift in the demand for labour away from unskilled workers.