I should like to dwell briefly on •  the integration of the European financial markets,  •  aspects of bank profitability, and of the shifting of focal points of business, and  •  the impact of technology, and of new forms of organisation in the banking system (catchword: “outsourcing”), and finally  •  consolidation in the banking sector, which is gathering pace.
-  Bill also mentions that it is strange for inflation to remain so low given that monetary conditions seem to have been particularly lax for a rather long period of time. This is a true puzzle. However, considering the recent trend in certain variables related to the opportunity cost of keeping money, as well as the high global growth in the past years.