Since the Asian economies are in many respects very different from the European, we will probably follow our own process for economic integration. In that process, the better functioning of markets through regional cooperation will help provide a better business environment for industries and financial institutions, and lead to more efficient resource allocation.
I say it because, whether we like it or not, banks have a vital social function in Europe in taking the credit risk to lend to small- and medium-sized enterprises (SMEs). And even with a more diversified financing mix in Europe, this function is essentially irreplaceable by non-banks.