In Europe we have since gone some way to responding to Newton’s observation. The creation of the European common market without frontiers was the first significant step towards tearing down walls and building solid bridges across Europe. Another milestone along the road to European integration was the introduction of the euro.
Currently, we are working again on a historic project of European integration, namely the creation of a European banking union. The banking union is currently our largest institutional construction site. The legal basis for the new European Single Supervisory Mechanism is now in place since 3 November, thus we have entered the implementation phase. The major challenge ahead is the comprehensive assessment of banks.