As a  BIS Review 152/2008  3  consequence, pension scheme funding strategies have to some extent been inadequate, cf. Slide 7.
Yet, a well-functioning and stable financial system is important to successfully manage transition processes. We thus need an informed dialogue within society and at the European level on the benefits of financial stability and the necessary policies, including further steps towards the Capital Market Union and completing the Banking Union. Enhance resilience: Vulnerabilities in the financial system often reflect country-specific preferences and institutions.