The next step is now the publication of a concrete proposal by the European Commission for discussion in the ECOFIN Council in June. I would therefore like to stress once more that the ECB in collaboration with the national central banks, the supervisory authorities and the European Commission stands ready to assume the new tasks in macro-prudential supervision that I have mentioned.
The strongest driver of global growth will be the East Asian economies, China in particular. The World Bank sees emerging markets growing by 4.5% in 2018 and by 4.7% in 2019. The global and emerging market growth has positive effects on the euro area economy as well.