In any case, the banking union is definitely a major step forward in designing a better framework for the European monetary union. However, we should broaden our view beyond the banking sector. A deeper integration of capital markets would also contribute to sharing opportunities and risks. To be sure, we have come a long way in integrating capital markets in Europe.
So we would call upon the authorities to prepare the changeover in the best fashion possible, with extreme care. We would also tell the people, the customers, the households: be vigilant, in a market economy prices depend on supply and demand.