However, it is clear that, as far as we are concerned, in that domain, as well as in others, we only have the single monetary policy as an instrument. What is your appraisal of the seven years since the euro was launched? When do you think it best played its role as a monetary shield?
I want to dedicate the remainder of my remarks to regulation and supervision in the light of Brexit. My main message here is that we must avoid a regulatory race to the bottom at all costs. Given how the Brexit debate developed early this year, this warning is not at all an empty one.