In particular, it should not depend on credit targets set under the influence of government authorities. Such an approach proved to be a contributor to the excessive risk-taking in mortgage lending to the crisis in the United States. Moreover, competition has its own benefits, including a wider variety of financial products and services at lower prices.
Compared with other parts of the world, inflation rates are relatively low, budgets increasingly consolidated and structural reforms under way. Financial markets within the euro area are in full process of dynamic restructuring - we can already observe a highly liquid and fully integrated money market and deeper and more efficient capital markets.