Overall the euro area banking system is now far more resilient: in terms of capital for instance, the Common Equity Tier 1 ratio of significant euro area banking groups has risen from less than 7% in 2008 to more than 14% today. In this context, and within the banking union framework, we need to allow more cross-border bank mergers. These will enable banks to better shift savings across national borders towards where investment needs are. And obviously we should preserve and complete international financial regulation on both sides of the Atlantic. Cooperation on regulation has been a win-win game. Competition on regulation would be a destructive one. 3. How I see the future of the euro area: a call for action. This leads me to the question of the future of the euro area. Let me be blunt here: I see it as promising, if we act. Obviously there are challenges today, be they domestic – euroskepticism and unemployment – or global – uncertainty in the West (US and UK) as well as in the East. But I am convinced that the answer to the current challenges is not “less Europe”. Less Europe would be a mistake if we want to remain in control of our common destiny. That said, there is room for further improvement, for a “better Europe”. Twenty-five years ago, we spoke of an “Economic and Monetary Union”. Since then, we have made a success of Monetary Union, but we have not been very effective with regard to Economic Union.
The crisis, besides all else, evoked negative public attitudes in relation to banks. Although not a lev of Bulgarian taxpayers has been spent to bail out banks and it would be unfair to place the Bulgarian banks next to those that continue to receive capital support from many governments and central banks, we should be aware of such attitudes. A short list runs like this: “… banks are the ones to blame for the crisis; besides they do not show commitment to the problems of businesses during these hard times”; “… interest rates and taxes in Bulgaria are high”; “… banks enjoy regulatory comfort,” etc, etc. 2  BIS Review 169/2010  Have we got sufficient evidence to expect that such attitudes will dissipate any time soon? And what is our response? There is more than just one side to this problem, because the majority of the population lacks a basic financial knowledge. Others are not responsible enough in managing their own money. I agree with you when you feel indignation at the lack of objectivity in much of the criticism against commercial banks. But we can’t change people. The important thing is to do anything we possibly can to give our clients the maximum correctness. You could step in and play an important role by streamlining your business practices with regard to servicing clients. “He who works, makes mistakes” Mistakes however should be owned and rectified in a prompt manner.