This brings me to the topic of my speech today. Today, I would like to speak about European financial integration. In so doing, I will address two main questions: 1. Why is the Eurosystem so deeply interested in European financial integration? and  2. What can the Eurosystem do to contribute to fostering European financial integration?
We are estimating investment however to fall back to around 15 percent of GDP this year. So we have a lot of space to cover. How do we bridge this investment gap? There is a host of factors that is required for this to happen. Obviously, political stability is important. We also need to maintain strong economic fundamentals.