The single currency, the Banking Union, and the need to relaunch investments and potential output make it as important as ever. A stable, efficient and well-diversified financial system is also the result of effective structural policies. Both investment and investment financing flourish in sound economic environments.
I’ll give three brief examples where we’ve used the flexibility in global standards to adapt to local conditions. •  First, farm lending, and especially dairy farming, accounts for a large share of risks faced by New Zealand banks.