In all of the discussions about new financial instruments and new market players, I have discovered that the Anglo-Saxon perspective is often quite different from that of continental Europe. Whilst the emphasis here is on risk, in the UK it is the stability of the financial system through innovations in the field of financial instruments and financial intermediaries that is promoted.
I believe that both perspectives are justified. And I am also of the opinion that both of these perspectives – that is, opportunities and risks – also play a role in the evaluation of financial integration but here I am jumping forward to another section of my speech.