Vítor Constâncio: Capital Markets Union and the European monetary and financial framework Keynote speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at Chatham House, London, 21 March 2016. *  *  *  Ladies and gentlemen, A well-functioning, diversified and deeply integrated capital market is of key relevance for the European Central Bank.
Studies by the Bundesbank have shown that, in the euro area, which may be interpreted as a particularly credible variant of fixed exchange rate regimes, usual adjustment mechanisms are less immediate and less harsh than in other exchange rate regimes.