Let me now focus more specifically on the financial sectors. For the ECB, financial integration is essential, given its relevance to the conduct of the single monetary policy. European financial integration is taking place gradually, with considerable progress having already been made.
In my opinion, we need to deal with them with some urgency. First, there remain significant imbalances in global savings and investment, and all of us should be doing what we can to maximize the chances that these imbalances can be unwound in a smooth and gradual way. By and large, this means promoting policies that allow market-based adjustments to take place.