15  See Draghi, M. (2016), “On the importance of policy alignment to fulfil our economic potential”, 5th Annual Tommaso Padoa-Schioppa Lecture at the Brussels Economic Forum 2016, Brussels, 9 June 2016. 4  BIS central bankers’ speeches  others, on supporting private demand through more growth-friendly tax and regulatory policy, and of course through monetary policy.
Resolving such problems requires a clear political will to proceed with financial market integration in the euro area and, in fact, in the EU as a whole. The same holds for the implementation of the recommendations of the "Committee of Wise Men" chaired by Baron Alexandre Lamfalussy on the regulation of European securities markets.