The Eurosystem is determined to foster European integration in financial markets and it is willing to do this in close co-operation with the market. As Adolph Kolping a German priest active in social integration said in the 19th century: “we can achieve a lot together, if there is an imploring will”. Thank you very much for your attention. 4  BIS Review 151/2010
Based on these experiences, I should say that an approach enhancing the visibility of stress appears more appealing. “Macro stress-census”, an experiment conducted by the CGFS, might be one of the options for developing commonly recognised stress scenarios among market participants and central banks, although not a panacea.