This is something, which I consider very important: citizens want a stronger and better coordination of economic and financial policies in the euro area. The challenge facing policymakers today is how to deliver the deeper economic union that is so fundamental to EMU and to the expectations of its citizens. All agree that the existing economic governance framework needs to be reformed.
As you know, in the aftermath of the US sub-prime crisis, improving transparency and reducing counterparty risk in OTC derivatives transactions have been two principal themes of discourse in the context of helping create a robust financial market architecture.