But it is the very magnitude and the diffuse nature of the risks we face that demand a common strategy that goes beyond emergency response. To move forward in the integration process we need to rebuild trust among countries, both at a political level and between ordinary citizens.
To trace the origins of recent financial markets turmoil, let's recall a time when the environment was more benign and financial markets were flush with liquidity. This does not require a long memory, as it aptly characterized our capital markets just four months ago.