Europe must remain an anchor of stability in a world that appears ever more unstable and politically unpredictable. The willingness to cooperate more closely on issues such as immigration, defence, security, justice and BANCA D’ITALIA  The Governor’s Concluding Remarks Annual Report 2016  23  representation at international fora is undoubtedly a positive signal.
To make a definitive judgement, we need to examine in detail to what extent the benefits expected from a separation of business areas are likely to be realised and what implications this has for banks, market structures and the real economy. C)  The German banking system: outlook  What do the challenges I have outlined mean for the future of German institutions?