The implementation of monetary policy clearly requires an efficient and fully-integrated money market. It also requires a high degree of integration of the securities market, because our credit operations are fully collateralised, and therefore rely heavily on the smooth delivery of securities. Moreover, a homogenous transmission of monetary policy actions across the whole euro area clearly also greatly benefits from efficient and fully-integrated markets.
Furthermore, our interest in market integration also stems, of course, from our statutory duty to promote the efficiency and soundness of payment systems, as well as our responsibility to contribute to the maintenance of financial stability. Lastly, but in my view most importantly, a well-functioning single market for financial services will benefit economic development within the EU. 2.