In this particular meeting, we need to make tangible progress and produce meaningful results that the market participants and governments on both sides are waiting for. I am pleased to hear that the Memorandum of Understanding has been finalized and reviewed by the Legal Counsels of the two Central Banks, who are present here with us today.
Banks, in particular those that have not found a profitable market niche, need to diversify their sources of revenue. Digitalisation might offer a solution, but it is certainly not the only one. Second, some national banking markets in Europe are overbanked and therefore overly competitive. So there is a need for consolidation – consolidation which leads to stronger banks with viable business models.