But we have just spoken about the euro’s importance for the economy, also for the German economy. And the European economy, i.e. firms in the euro area, who would benefit from as many payments as possible being made in euro rather than in US dollar or in other currencies. That would remove the exchange rate risk.
Market discipline reinforces the incentives for the management of banking enterprises to manage them along sound lines. It operates on the basis of disclosures and other information available in the market and defines the reward system for the management.