If we are successful in establishing an effective banking union – as I am convinced we will be – the benefits will be large, not only for euro area countries but for all EU members. A more stable union will be one where financial contagion will have disappeared, where business for the financial centres will vastly increase, where financial market integration will resume.
A stable union, however, is not only about building new rules and procedures but also about applying existing ones. In the past, credibility of European procedures has at times been weakened because they were not followed with sufficient rigour. It is now important that existing and new rules be applied in a steadfast manner. Conclusion Let me draw to a close.