86% of euro area bank lending to firms and households was domestic in 2017. And cross-border consolidation, which is one way to increase cross-border lending, has recently reached historic lows.6 More efforts are needed if we want to reap the benefits of an integrated market that helps share risks through the private sector and improve macroeconomic stability in the monetary union.
While I am on the subject of the media, let me just say a personal word to reporters and editors who have covered the euro story. I think that you have done a remarkable job of making people realise that they need to learn and to prepare.