The present recovery, however, is being led by domestic demand, such as private consumption, housing investment, and public investment. It is time for exports to take the lead.
Bringing our banking system back to health is an essential precondition for restoring growth. It is against this background that in my remarks today, I would like to focus on a key pillar of a genuine EMU, that is the Banking Union. I will try to answer three questions. What are the necessary components of a Banking Union?