Fostering more risk-sharing, would for instance entail developing a Capital Markets Union and completing the Banking Union by means of a European Deposit Insurance Scheme. This, by the way, was already foreseen by Han de Jong as early as in 1980, when he joined the European Commission to work on proposals for harmonizing deposit insurance schemes in Europe! Conclusion So let me conclude.
Today I discussed what I see as the main challenges for central banks worldwide and the ECB in particular. These challenges underline the need for a review of the monetary policy strategy under the new ECB-presidency. And, as I have also tried to illustrate, some of these challenges imply that elements and lessons from other central banks cannot always be transposed onto the ECB.