the iia will open a new chapter of successful cooperation between our two institutions. in this context let me also welcome your positive vote on ms nouy ’ s nomination. following her final appointment by the council, she will become your main interlocutor on all matters related to the ssm as of january 1st. i would like to also address an issue which, i know, is as much a concern to you as it is to me : the gender balance at the ecb. today, 17 % of our management positions are filled by female staff. it is clearly not enough. this is why the executive board decided this summer to introduce gender targets aiming at 35 % women in management positions by 2019. and this is not an empty promise. the ecb has started to implement a diversity action plan that will help us attaining those targets. let me now share my thoughts on the process of completing emu. taking stock of the progress made towards a genuine emu as this legislature comes to the end of its term, it is an opportune time to reflect on what we have achieved in such a short space of time. not so long ago the euro area was facing an uncertain future. in the meantime, doubts about the integrity of the single currency have dissipated. notably, a roadmap for a genuine emu has been outlined encompassing four pillars : banking union, fiscal union, economic union and ultimately political union. through a concerted legislative effort the euro area, and the eu as a whole, has been put on a more stable footing. your institution has made a decisive contribution to this effort. the establishment of the single supervisory mechanism ( ssm ) represents probably the most significant change to the eu since the establishment of the single currency and i am happy to report the internal preparations are well underway. i strongly welcome the political agreement on the bank recovery and resolution directive you have reached with the council yesterday night. swift agreement on the other key component of banking union – the single resolution mechanism – is of paramount importance. i trust you will succeed in adopting the relevant legislation before your term comes to an end. these institutions are essential to implement the “ single rulebook ” in the years to come. looking ahead we will have a stronger set of rules bis central bankers ’ speeches for capital and liquidity. we will also have a new toolbox for the resolution of financial institutions. and we will have stronger national deposit guarantee schemes. banking union however is not a panacea for eliminating financial

market fragmentation and fully stabilising emu. it is a necessary, but not sufficient condition to break the banksovereign nexus and restore sustainable economic growth. equal borrowing conditions can only be ensured through the joint implementation of other measures. this not only includes continued fiscal consolidation and implementation of structural reforms, but also progress on the other “ unions ”. only then can we say we have created a genuine emu. let us seize the opportunity of the next ep elections to have an open public debate on the further steps needed to strengthen the architecture of emu. thank you for your attention. bis central bankers ’ speeches