It is important to bear in mind that calling attention to the potential sources of risk and vulnerability to financial stability does not aim at identifying the main - or most likely - future scenario for the euro area economy.
In a single European market for financial services, a harmonised set of requirements is indispensable. Moreover, corporate governance and investor protection should be improved. The AIFM Directive makes an important contribution to all these points. As I have already explained, this does not only entail duties – it also creates large opportunities.