And as we know, these pressures can have personal and social costs. But there are very large benefits – we need to stay competitive for the long-term welfare of the people of the euro area. What does the word competitiveness mean to economists?
Today's 3 level 3 meeting will give us a chance to launch a fruitful discussion on its recommendations and will constitute a unique opportunity for each of the stakeholders to respond to it and to exchange opinions about the challenges facing the current financial supervisory architecture.