In fact, I consider the  5/6  catalyst function of the ECB and the Eurosystem in fostering European financial integration to be a major responsibility at the current juncture. 5. Concluding remarks  Ladies and Gentlemen, I would like to conclude my remarks by stressing that progress in European financial integration requires an effective interplay between market forces and action by public authorities.
The ECB and the Eurosystem prefer a market-first approach in this process, with a significant role given to self-regulation. Examples like the STEP initiative show that the private sector can contribute substantially to the integration of the European financial system and that the Eurosystem supports such market-led initiatives.