1  O. de Bandt and P. Hartmann, “Systemic risks in banking,” in Financial Crisis, Contagion and the Lender of Last Resort, edited by C. Goodhart and G. Illing, (Oxford: Oxford University Press, 2002). (http://www.olivierdebandt.com/publications_en.html). BIS Review 81/2010  1  A fully risk-proofed system is neither attainable nor desirable.
And I’m particularly pleased to speak to you about the first experiences gained of the Banking Union, which is the most important step in the European integration since the introduction of euro. The recent crises have made it very clear that international, highly interconnected financial markets require a stronger institutional framework than what we have had in recent years.