Significant market failures however must be identified and in many cases require appropriate public intervention. This brings me to my last point. What is the role of public authorities and, in particular, central banks? Market forces need a sound legal, regulatory and oversight basis to work efficiently.
In the euro area with its 12 countries, and in the European Union with its 25 countries, the creation of such a sound basis requires first and foremost a certain degree of harmonisation of public principles and standards across countries. Efforts in this direction are ongoing and the Eurosystem provides active support.