*  *  *  Introduction Mr Sawaya, ladies and gentlemen First of all, I would like to thank you for inviting me to your Annual General Meeting. Looking at the list of previous speakers, I certainly feel honoured to contribute to what has now become established as a major forum of debate on European issues.
I should like to use this opportunity to discuss some aspects of ongoing financial integration in Europe and its implications for monetary policy. Finally, I will touch upon some issues of cross-border banking integration and banking supervision in Europe.