However, there is no room for complacency in this regard. Risks to financial stability, including new risks such as cybersecurity threats, require continuous attention. The process of establishing a capital markets union remains in its infancy and faces a number of daunting legal challenges, which will need to be overcome (e.g. as regards harmonising – if not unifying – national insolvency laws).
Their addresses have helped this seminar achieve its objective: to be a time of reflection, at the highest level, on the reform of the Economic and Monetary Union (EMU) at a critical time for the future of the European Union.