That said, I would like to take this opportunity to encourage banks and savings banks to explore fresh and creative avenues – before problems force them to do so. But we also need to take a look beyond the German horizon. Because in a currency and banking union, one could be forgiven for wondering whether we need more cross-border mergers in the euro area.
This Seminar is particularly timely, since it is taking place against the backdrop of a global environment that is likely to be less favorable than in the recent past because of tighter financing conditions as well as slower growth in some advanced economies and major emerging markets.