That is also crucial for us as a central bank as only then can our monetary policy signals be properly transmitted throughout the euro area. A single financial market is the prerequisite for the uniform transmission of our interest rate decisions to the real economy. A banking union is a central element of a stable euro area.
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