However, let me emphasize that our intention is not to restrict the activities or constrain the innovativeness of the sector but rather ensure that possible risks to financial stability are addressed, thereby creating, or should I say, ensuring continuation of a resilient system of non-bank credit intermediation.
The euro has fostered confidence and brought important and tangible benefits to European households, businesses and governments. Naturally, it has also introduced new requirements with regard to the behaviour of economic agents as well as new rules and institutions. It made the need for adequate policies, sound public finances and financial discipline of private actors more visible.