There are possible ways, in between pure legislative or regulatory action on the one hand, and sheer competition on the other, for promoting the integration of the financial markets. One such way is coordination within the private sector. It is a common experience around the world that where this avenue is used without endangering competition, it can produce the desirable results.
Our assessment is that this particular avenue has perhaps not been explored as widely as could have been the case in Europe. We, at the ECB, are willing to support this co-ordination within the private sector. I insist, however, that initiatives have to come from the market, from you. Our role is to acknowledge and help to bring about your full potential.