A more market-based financial structure may make it easier for us to provide liquidity via outright purchases, which may in turn become more important as a regular instrument of policy if we operate in a framework of excess reserves.
Contrary to occasional comments made, the current euro area enlargement clearly demonstrates that the euro area is not a closed club. Instead its doors are open to any new EU Member State that fulfils the necessary preconditions. Let me recall that all countries that joined the European Union in 2004 and 2007 became members of the Economic and Monetary Union with a derogation.