Within countries, too, there are strong indications that pre-existing inequalities are being reinforced by the crisis. Lower-income individuals, those with lower levels of education as well as women and young people are affected the most. The common monetary policy of the European Central Bank (ECB) has limited means to counteract this type of divergence.
Financial integration is essential to making Europe stronger, so it is very important to the ECB’s Governing Council. We are fully committed to making it happen, especially at a time when the fragmentation of the single financial market has led to fragmentation of the single monetary policy.