One important force affecting virtually every economy is the sharp decline in energy and other resource prices that we’ve seen over the past year or so. This appears to be mainly the result of increased supply capability across a wide range of commodities – an oft-repeated, textbook cycle that has resulted from a prolonged period of high prices.
We need to continue making progress with other important initiatives to work towards a more complete financial union. The capital markets union is another element that will foster cross-border financial integration.