However, without a more decisive action by the fiscal and by the supervisory authorities to recapitalise the banking system and ensure more transparent accounting and loss recognition, the transmission mechanism will continue to remain impaired, thereby hampering the effectiveness of monetary policy. This is a risk for the credibility of central banks.
*  *  *  Distinguished guests, ladies and gentlemen, It is a great pleasure to be here today to share some thoughts with you on the challenges to the process of European economic integration in the aftermath of the global turmoil.