Since the purpose of most gross borrowing by the government in a given year is not to finance the deficit but to recycle bonds that have reached maturity, in the future this recycling will be achieved not on a voluntary basis by issuing new, tradable bonds but by compulsory borrowing by means of earmarked bonds.
And completing the banking union by establishing a common deposit insurance scheme would ensure depositors are equally protected across Member States and preserve their confidence if we were to face turbulence. Let me first say a few words on the current situation in financial markets.