The second area is the banking system, and here we are on the eve of a major step towards 4  BIS central bankers’ speeches  integration – in November of this year, the banking union will become reality. The third area is capital markets.
Looking to the future, I consider a capital markets union another project that would contribute to enhancing the stability of monetary union. In my view, integration is the way forward as long as it is balanced. Not all proposals for deeper integration that are currently being discussed fulfil this criterion.