This is important not only for preserving the confidence of investors in private pension funds, but also to ensure the sustainability of pension funds as an important source of funding for the rest of the financial sector. Let me, therefore, assure you, that the ECB remains focussed on delivering price stability for the euro area.
3.  the shift in the preference for managed savings on behalf of households, where I encourage all actions that improve the corporate governance framework for pension funds and provide more information and transparency to pension fund customers, supporting the long term accountability of private pension funds.