The function of a catalyst can help coordination. A central bank can perform this role thanks to its acknowledged competence and objectivity, its direct participation in financial markets and its numerous contacts with market participants which ensue from its basic tasks.
In fact, I consider the  5/6  catalyst function of the ECB and the Eurosystem in fostering European financial integration to be a major responsibility at the current juncture. 5. Concluding remarks  Ladies and Gentlemen, I would like to conclude my remarks by stressing that progress in European financial integration requires an effective interplay between market forces and action by public authorities.