[2] USD 300 billion corresponds to around 7% of total US imports and exports, including oil-related shipments. [3] My focus today is on the interlinkages between the euro area and the rest of the world. Of course, cross-border integration is extensive within the euro area, in relation to both trade and financial integration.
Given that a robust global financial system is in the common interest of all countries, I believe it is critical for each country to contribute to the construction of internationally consistent rules and to establish a regulatory and supervisory framework that properly reflects differences between countries, such as in their financial structure. The Bank will continue to make contributions in these areas.