Finally, we must also pursue the ambitious plans laid out under the CMU to create a deep and integrated European capital market. All of this will allow us to improve financial stability across the wide array of financial institutions and markets that make up the financial system.
1 See the history of the construction of the ESM in: European Stability Mechanism (2019), Safeguarding the euro in  times of crisis: The inside story of the ESM. 2 Klaus  Regling at press conference after Eurogroup meeting, Luxembourg, 14 June 2019: www.esm.europa.eu/press-releases/klaus-regling-eurogroup-press-conference-19  3 For additional details on the risks, see ECB (2019), Financial Stability Review, May.