But now, more than ten years after the crisis, priorities have shifted and there are concerns that the cooperative multilateral order that has underpinned past international achievements is increasingly being questioned. In my remarks this evening I will argue that dismantling regulatory standards would be a mistake, and would add to market fragmentation.
I will also argue that the current low levels of financial integration in the euro area are inefficient, and that, as a response, we need to intensify our efforts if we want to achieve tangible progress in completing banking union and creating a true capital markets union (CMU).