As he noted, “The gradual dismantling of regulatory obstacles to remaining market integration in Europe will contribute to enhancing its depth and efficiency, in turn contributing to an improved allocation of funds to the most profitable investment opportunities, and thus supporting economic growth.” This vision is still relevant 4/5  BIS central bankers' speeches  today.
But to take it forward, it is crucial to be more ambitious and thus to ensure a better balance between risk reduction through implementation of the regulatory agenda and supervisory priorities, and risk sharing through the establishment of a common fiscal backstop in the banking union. 1 I would like to thank Malte Jahning and Fédéric Holm-Hadulla for their contributions to this speech.