In the spirit of the Conference’s title and against the background of the post-crisis financial sector reforms, in my remarks this morning I will ask you to ponder where we are heading and what needs to be addressed to mitigate persisting financial stability risks in the context of an incomplete architecture of the European Union (EU).
The European project as you know is a political endeavour that has involved waves of integration over the last few decades. Each step determines the next, with the institutional set-up limited to what is required but without sufficient capacity to react to the unforeseen. In many cases the deepening of the integration process was motivated and steered through successive crises.