5 Conclusion Ladies and gentlemen Expressed in one sentence, the main thrust of my talk would be that, for the further evolution of the euro area, we should remain sceptical about an inevitable deadlock, just as we should be wary of all-too-easy solutions. This applies to the banking union as well.
Hence the importance, for us, of: (i) assuring our fellow citizens that we are able to ensure price stability and thereby defend their purchasing power; and (ii) convincing firms that the financial environment will continue to incorporate a low level of inflation in the years to come, which will be reflected in medium and long-term market interest rates.