Almost two decades ago, a Fed Governor 1 observed that the relation between commercial banks and the central bank is an important and far-reaching one, with potentially significant implications for a country's economic performance. I quote from his address: “…a nation's commercial banks and central bank are reflections of each other. They are likely to succeed or fail together.
The European Parliamentary Week can play a very useful role here as it allows us to learn from each other’s experiences. In fact, there has been no lack of successful reforms in different policy fields across EU countries. Let me take a concrete example. In the area of financial services, the completion of the banking union is essential for improving the functioning of EMU.