On the other hand, we cannot predict nor determine the future. This is why the prevention of future financial crises might necessitate different policies and thus significant discretion on the part of regulators and policy makers. Ladies and Gentlemen, I am afraid we have many open points here.
Monetary Union has been effective – and very successful – in supporting growth through a credible monetary policy which creates a stable macroeconomic environment. It has lowered financing costs for a number of euro area countries by reducing risk premia. The challenge now is to raise the level of productivity growth in all euro area countries.