As I will further elaborate below, he was no fan of benign neglect and of leaving exchange rates solely in the hands of the market. Once again, we can see today how compatible his view of the world is with the current international situation.
As the central bank of the euro area, Banking Union is of key concern to the ECB. It is essential to increase confidence in the euro area banking sector, to reintegrate financial markets, and to improve the transmission of our monetary policy. It is therefore among the most important issues for the euro area today.