I am at the right place because Deutsche Börse is undoubtedly a very important market player in the provision of European-wide financial services at the European and global level, as illustrated by the Chicago venture. Therefore, it should be well placed to exploit the opportunities flowing from the single financial market.
Europe is also exceeding international benchmarks in transposing the new Basel III rules. We may be seeing the beginning of a euro area framework for banking sector recapitalisation and resolution with the decision to allow the ESM to recapitalise banks in non-programme countries. Indeed, a modest first step that will be followed by others in the future.