The new Constitution, now in preparation, is an opportunity to give form to what the present european consciousness expects of our Union. Let us hope that, as a result of our endeavours, we will be able to say about the near future of Europe what Ortega said about the role of culture: «a moment of clarity in the confusion of the world».
We monitor risks to financial stability very closely: Tommaso Padoa-Schioppa used to say this was in central banks’ DNA. But let’s not forget that the objective of monetary policy is price stability. Financial stability involves different tools. As far as we are concerned, it’s a question of bank regulation and “macroprudential” tools.