And finally: clear political legitimacy and an obligation to answer both to the European Parliament (for the President of the ECB and the Chair of the Supervisory Board) and to the national parliaments (for the competent national authorities).
It is now important to identify the areas where additional progress is required in order to ensure the coherence and cohesion that is necessary for the effective functioning of Economic and Monetary Union. In particular, I believe it is essential that monetary union is more resilient when faced with shocks and fosters all of the potential benefits of integration in terms of European prosperity.