Conclusion Not only do authorities need to deliberately target economic convergence we also need to build incentives into our operational frameworks and to reward desired outcomes. This calls for more specific recommendations and for even closer interaction between market participants and the authorities. It also underscores the need for cooperative mechanisms in building our markets. Thank you ladies and gentlemen.
The growth of market-based finance is, on balance, a welcome development, notably because it increases the diversification of funding sources. This is particularly important for those countries and systems, such as Italy and much of continental Europe, that are overly dependent on banks.