Evidence of the completion of the Single Market looks promising, especially the rise in intra-euro area trade and integration in the money market. Business cycles have become more synchronised. This is an encouragement to continue to work actively to enhance integration, notably in the provision of services, in labour mobility and in the integration in some segments of the financial markets.
It will positively damage the structure of our banking system - a structure that gave us stability during the financial crisis. You may well all be familiar with the allegation that the purpose of the new regulatory regime is to encourage more and more consolidation in the industry - including Germany's banking industry.