*  *  Introduction  Ladies and gentlemen, It is a great pleasure to speak at this conference. I would like to share with you today some thoughts on two important topics. First, I would like to address the process of European financial integration, this important European endeavour to which the ECB contributes in many different ways.
And then, I would like to address an issue of mutual relevance for the ECB and for market participants, i.e the monitoring and the management of inflation expectations by the ECB. 2. The process of European financial integration  Turning to the process of European financial integration, my remarks will focus on two main issues.