I would conclude by saying that rather than worrying about the new landscape that the banks would have to encounter, the brilliant minds assembled here must deliberate on the actions that they need to take to prepare the banking sector to face the upcoming challenges. I believe that the panel discussion would throw up some actionable ideas.
It is within this market economy that the ECB operates. SZ: What is your personal view on capitalism? Cœuré: My view on capitalism is similar to what the former British Prime Minister Winston Churchill said about democracy: It is the worst of all the systems, except for all the others that have already been tried. Capitalism can be extremely dangerous and cruel.