From the ECB’s point of view, it is important to foster a financial system that is stable and able to create sustainable value for all stakeholders. In this respect, prime responsibility lies with financial institutions themselves, but the public framework also has a role to play in providing them with the right structure of incentives.
The latter objective does not imply dramatic changes, but some adaptations to the public framework in terms of capital requirements and liquidity risk management are certainly needed. Finally, financial integration in Europe will contribute to stability in the long term and therefore must not lose its momentum. Let’s all face the challenges that lie ahead of us. Thank you for your attention.