I should like to emphasise that although the euro will probably act as a catalyst for further European integration, this does not necessarily imply that further European integration is a prerequisite for a well-functioning monetary union. The current framework – laid down in the Maastricht Treaty – has so far proved to work well and will continue to do so in future.
Without credit, firms may not be able to invest in productive capital, create new employment or cover ongoing expenses. A healthy credit supply is also important for our monetary policy to filter through to households and firms: it is one of the main ways in which we can affect bank lending conditions and, ultimately, price developments.