Finally, I will have a few words to say about the international monetary system. I. The Changing Financial Environment The driving forces behind the transformation in the financial environment that has occurred in the past twenty to thirty years have been innovation and liberalisation.
If we don’t learn from past crises, we condemn ourselves to repeat them. This is why the current proposals can only be a first step. What we are missing, are three complementary instruments. A common European deposit insurance scheme The first is a common European deposit insurance scheme, which is a precondition for a truly integrated banking system and single money.