##d, but the risks and market failures are sufficiently mitigated. it will look at how the consumer's interests can be safeguarded, how we can create a fair'data playing field'for all financial entities, and consider the role we as financial supervisors can play. but most importantly, it will aim to start a dialogue with all of you, on this important topic. because, yes, data make the world go round. yes, open finance has our attention. because we are the modern - day cartographers of this uncharted territory. of course there will be dragons. but it is our ambition and our challenge to slay those dragons before we meet them. let's go to work! 3 / 3 bis - central bankers'speeches

. deposit guarantee system a common deposit guarantee scheme can be seen as a completion of the banking union. the planning of such a scheme is still in a very early phase and would require harmonisation of the national schemes as a first step. the european commission is mandated to revisit the issue in 2019. but i assume that the european wide deposit guarantee system will be promoted earlier than 2019 since it would fit naturally inwith the ssm and the srm. a capital market union for europe following the initiation of the european banking union, commission president juncker promised in july 2014 to create a european “ capital markets union ”. as he explained it, “ to improve the financing of our economy, we should further develop and integrate capital markets. this would cut the costs of raising capital, notable smes, and help reduce corporations ’ high dependence on bank funding ”. last week, the european commission launched the action plan on building a capital markets union ( cmu ). the capital markets union is a good initiative. the ecb and the bank of england have already been active in some capital markets issues, especially reviving the eu market for a high - quality securitization. the cmu should help mobilise more capital in europe and especially channel it to financing of the corporate sector. by opening up a wider range of funding sources for investments the cmu can reduce the bank - dependency of european bis central bankers ’ speeches finance and thus the vulnerability of the eu economies and corporations to banking shocks. the cmu can also deepen financial integration and increase competition in the eu financial markets. conclusions : some enhancements ladies and gentlemen! to conclude, i would like to express some additional views on the banking union and the capital markets union, as i think that some enhancements would be needed. the capital markets union needs robust banks. the banking union was a major step in the right direction. the bu is mandatory for the euro area countries, while the other member states can join the bu on a voluntary basis. it is important to strive for an as unified approach to bank supervision as possible in the whole eu and including also the eea countries and others. this is so because banks are and will be of high importance for the sme financing, and the future playing field may not become quite level in the sme financing in the future capital markets union without some extra efforts. moreover, for ensuring financial stability and capital market integration, the bank - sovereignnexus has to be in