Furthermore, as a central banker, I am very conscious of the fact that a well-integrated financial system is essential for the implementation of our monetary policy, as it enhances the smooth and effective transmission of monetary policy impulses throughout the euro area.
The focus of the financial sector liberalisation policy is on increasing competition and efficiency in the sector and three new private sector banks have been licensed and external commercial borrowing was also permitted for selected private sector entities. Concluding observations Concerted and decisive actions by both advanced and emerging and developing countries helped the world to deal with an unprecedented financial and economic crisis.