And I’m particularly pleased to speak to you about the first experiences gained of the Banking Union, which is the most important step in the European integration since the introduction of euro. The recent crises have made it very clear that international, highly interconnected financial markets require a stronger institutional framework than what we have had in recent years.
The key lesson we have learnt is that economic dislocations without proper arrangements to tackle troubled banks have devastating effects on the real economy, taxpayers and the whole society. And regaining growth proves to be painfully slow and long-lasting.