It stands for a Europe that has learnt the right lessons from the crisis; for a Europe that will come out of the crisis stronger and more robust. The banking union is in Europe’s interest – and it is in Germany’s interest too. Many thanks for your attention. BIS central bankers’ speeches  5
Furthermore, a well-functioning, liquid and deep financial market is essential for central banks as it better ensures that high quality information about economic fundamentals can be extracted from financial market prices. Owing to the fact that pension funds are stable long-term investors with sophisticated investment strategies implies that they potentially play an important role in the shaping of the financial market.