building, cooperation and innovation will be crucial to make central clearing even more resilient. i am sure this conference will give rise to a fruitful exchange of views. thank you for your attention. 1 i would like to thank paola donati, clement rouveyrol, fabio tamburrini, eszter tanai, simonetta rosati and fiona van echelpoel for their support in preparing this speech. 2 european commission ( 2020 ), “ financial stability : commission adopts time - limited decision giving market participants the time needed to reduce exposure to uk central counterparties ( ccps ) ”, press release, 21 september. 3 esma ( 2020 ), “ esma to recognise three uk ccps from 1 january 2021 ”, press release, 28 september. 3 / 4 bis central bankers'speeches 4 de guindos, l., panetta, f. and schnabel, i. ( 2020 ), “ europe needs a fully fledged capital markets union – now more than ever ”, the ecb blog, 2 september. 5 eichengreen, b., mehl, a. and chitu, l. ( 2017 ), how global currencies work : past, present and future, princeton university press. 4 / 4 bis central bankers'speeches

this is a key responsibility of member states. on the other hand, europe can make a difference by supporting and facilitating such reform efforts. our togetherness represents a unique competitive advantage, and we should capitalise on this. first, we can build on the synergies between emu and the single market. the single market is indeed one of the most powerful tools we have to unlock the mechanisms that will raise productivity. in particular, a genuine capital markets union ( cmu ) would not only ease and diversify access to funds for households and firms, thus fostering investment and innovation. it would also enable risk diversification and thus compensate for temporary drops in activity locally – the so called private risk - sharing –, thereby reinforcing the overall resilience of emu. second, it is essential to complete the projects that we initiated during the crisis, namely the banking union. together with cmu, a complete banking union would deliver meaningful private risk sharing that is currently lacking in the euro area in comparison to the us. but private risk sharing, to be effective, needs to be supported by other policies. we should thus rekindle trust in our economic and fiscal framework, by making it more effective in ensuring sound policy making at national level. these actions can also be further supported at the european level by the recent decisions to launch an instrument for convergence and competitiveness for the euro area. to tackle future cyclical crises, the two layers of protection against shocks – the diversification of risk through the private financial system on the one hand, and public countercyclical support through fiscal instruments at the national and european levels on the other – need to interact in a complete and efficient manner. achieving these reforms is not idealistic, nor utopian if we work together. and at the euro summit in december, leaders renewed their political commitment to strengthen emu. if we want to realise in full the benefits of the euro, we need to capitalise on this commitment and translate it into concrete policy actions. conclusion mr chairman, honourable members of the economic and monetary affairs committee, 3 / 4 bis central bankers'speeches i have used the word “ together ” several times today. as this is the last time that we will be together in this legislative term, let me add a few words to you personally. i would like to thank you all for the role that this committee has played over the past years. in my first hearing here, i remember saying that was my first exercise in democratic