Wherever the boundary between the two has become blurred, it must be redrawn as quickly as possible. 4  Conclusion  Ladies and gentlemen Let me conclude by stressing the importance of the work done by our Representative Office in New York. As I see it, there are two main functions that this office serves.
The banking union goes a long way towards ensuring that taxpayers do not foot the bill in the event of a bank failure. Defining a clear hierarchy of creditors is crucial in that regard. Shareholders and creditors have to be first in line when it comes to bearing banks’ losses.