Ref #X775826 v1.16  UNCLASSIFIED  Introduction Kia ora koutou, Thank you to the organisers for gathering us all for this important and necessary discussion. Thank you to Bell Gully for sponsoring this session on “Disclosure and Managing Risk”, and to Simon Watt for chairing.
In this context, let me make the following three points: first, the main benefits of CMU, entail the development of risk capital and the creation of a market based risk-sharing mechanism across countries as well as the promotion of access to new sources of financing. Both these goals require a truly integrated European equity market which is of crucial importance in the CMU project.