Let me recall his words of almost 40 years ago, which have particular 4/5  BIS central bankers' speeches  resonance now, when one Member State has given notice of its intention to leave the Union: We have no reason for complacency about the present state of Europe in spite of the efforts we have made.
*  *  *  Recent transgressions in financial markets have underscored the fact that one can hardly overstate the importance of reputation in a market economy. To be sure, a market economy requires a structure of formal rules - for example, a law of contracts, bankruptcy statutes, a code of shareholder rights. But rules cannot substitute for character.