We are looking forward to them joining the platform on 31 August. Moreover, alongside these continuous adjustments, there are still some areas where we need to achieve greater harmonisation if we want to reach our goal of a fully integrated financial sector in Europe. This is why the ECB and the Eurosystem fully support the ongoing development of a European Capital Markets Union (CMU).
In my view, two main pillars support the establishment of the CMU: the twin prospects of greater risk-sharing and more diverse sources of financing. First, more integrated capital markets will allow Europe to better smooth any future economic shocks.