Likewise, the nature of the policy responses will also shift from temporary first aid measures to medium- to long-term structural policies. To one degree or another, this set of challenges is related to the stability of inflation, the real economy, and the financial system. In this sense, we are seeing a widening in the scope of issues that central banks should take into account.
Beyond the European horizon, I may also mention the merger between Deutsche Bank and Bankers Trust. Viewed as a whole, however, the number of cross-border mergers has hitherto been very limited, compared to those within national boundaries. What are the principal reasons for that? Mergers are considerably easier to implement if they take place in the familiar cultural, linguistic and legal (especially tax) environment.