Both the status quo and a piecemeal approach to EMU reform would weaken the assumptions underlying this return of confidence. Today, therefore, I wish to make a plea for consistency, coherence and completeness in the institutional reforms we are seeking. And I will do so by elaborating on each of the building blocks identified by the four Presidents in June.
This suggests that, in such areas as payment where the existing infrastructure can be utilized, at least for the time being traditional institutions and transaction channels, like banks and deposits, will be more useful than otherwise.