It is vital that this process gains momentum and extends its reach across institutions and countries. And it is equally important that the steps taken are not just a passing fashion but become a permanent element of a new business culture. *  *  *  The upshot of this analysis is straightforward.
The momentous transformation under way in the European financial industry holds the promise of unprecedented gains in efficiency and in the value of services provided to society. At the same time, it raises a number of serious challenges for authorities and market participants.