expected to emerge. integration could also be advanced via electronic banking, or crossborder lending, both of which are still relatively limited. in fact, e - banking could represent a forceful boost to integration, since it could allow customers to access banking services offered by banks in other countries, or it could be a powerful way to enter a new market without the need to establish a costly branch network. responses by european authorities as noted, banks with international operations have to develop local products, also to comply with different legal systems, which implies significant costs. important steps are being taken by eu authorities to overcome the obstacles of segmentation. however, legal aspects are only one element hindering the integration of the retail markets, since proximity to the customer is still an important factor. even though it is likely that the retail markets will maintain local features at least for some time to come, any unnecessary burden on the cross - border expansion of activities should be lifted to the maximum extent possible. at the regulatory level, the european commission is generally striving to finalise the single market programme via the so - called financial services action plan. the higher cost of cross - border retail payments, as compared with domestic ones, has been a very topical issue, and it has been taken as a sign of a lack of integration. in july 2001, the european commission proposed a draft regulation to close the gap between domestic and cross - border payments. in the draft now being examined by the council and the parliament, banks would be obliged to equalise prices for cross - border and domestic payments. the ecb has stated that the eurosystem shares the general objective of the regulation. however, the eurosystem has expressed reservations about the chosen method, because it gives too little time to the banking industry to adjust in a rational way. in this context, i find the recent initiative of the european banking federation for a self - imposed calendar for reducing the level of such fees extremely promising. steps are also being taken in the field of consumer protection legislation. the aim of the recently launched revision of the consumer credit directive is to promote transparency and to ensure that cross - border credit can flow in harmonised conditions for both consumers and lenders. also, a report on the regulation of e - commerce in financial services has just been launched by the commission. it draws attention to the problems that arise from the interplay between different legal systems and makes proposals to overcome them. at the supervisory level, the economic and financial committee has stressed the

open - ended process, it is obvious that the " eurosystem " as an additional construct to clarify the relationships between the " ins " and the " outs " within the escb is here to stay for the foreseeable future. even so, it is also clear that the introduction of the euro is the final destination for accession countries. in fact, there is even a certain – i believe, understandable – impatience on the part of future new member states to adopt the euro as soon as possible. however, the treaty lays down clear criteria for entry into the euro area, and requires their fulfilment in a sustainable manner. the eventual entry of new member states into the euro area will also require an adaptation of the institutional framework of the escb. examples of central banks from around the world, such as in united states or in germany, show that it is possible to design appropriate structures which allow effective decision - making in federal, decentralised systems and to reconcile efficiency demands with considerations of adequate representation. therefore, i am confident that we will be able to find a solution that guarantees the efficient conduct of a stability - oriented monetary policy also in an enlarged eurosystem. ladies and gentlemen, thank you very much for your attention.