We ensure that the financial conditions in Europe are appropriate for the economy. What measures have to be taken to manage the risks of greater global financial integration without losing the benefits that it brings? Volatility is currently high in global capital markets, due to macroeconomic uncertainty and changing business models.
In such an environment, policy-makers could be tempted to take a protective stance and ring-fence their financial systems. But that would hamper the efficient allocation of resources in the global economy, or in other words, that would be bad for growth and jobs.