According to Mr Draghi, the setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union.
Although the pain at the time was real, there simply was no question that the benefits of financial integration far outweighed any costs of transition. The rapid growth experienced by Nordic countries including Finland over the last 15 years would have been simply inconceivable without liberalised financial markets. The cost of learning was high, but we emerged from the crisis stronger and competitive.