Only a swift transition to the new set-up will enable mutual banks to strengthen their capital position where necessary and continue to provide their traditional support to local economies in the best way possible, also in view of banking union.
Although the harmonisation efforts in the bond markets are more advanced than those on the stock markets and stock exchanges, this does not mean that the developments triggered by monetary union have already come to an end there. The rapid rise in cross-border capital flows continues to boost competition.