I have highlighted three areas where deeper integration might help to enhance the stability of monetary union. The first area is public finances, although a European fiscal union is currently a rather unrealistic vision. The second area is the banking system, and here we have taken a major step towards integration – in November 2014, the banking union became a reality.
The third area is capital markets. Looking to the future, I consider a capital markets union another project that would contribute to enhancing the stability of the European economy. To be sure, these are all big steps, but in my view they are worth taking. A stable monetary union will eventually benefit all member states and also the rest of the world. Thank you.