the country is needed. make the market more lively, more competitive and more innovative. now the financial infrastructure is complete and it is up to you to use it more efficiently. it is the time to try to seek other balances in terms of foreign currency flows into the economy. remittances have been important for a long time. they were the largest foreign currency serum in the economy. however, we should be aware that other indicators, such as exports and foreign direct investments will be prior items in the total foreign currency flows in the future. this should be realised by everyone and based on this ground, let us work together for the future. dear participants, international initiatives are in the process. the berlin meeting was extremely important in this regard. there was broadly discussed and converged into the idea that there is room for more coordinated actions, and protectionism is not the answer to the crisis. the london meeting will make new steps in this regard. promoting investments for a cleverer future, setting new models for a new world, more structured and with renovated industry, will be in its focus. the crisis will have its own winners. winners will be those that will develop new policies, products, services and markets of a non - cyclic nature.

because it was seen as a prerequisite for restoring mutual trust among countries after the sovereign debt bis central bankers ’ speeches crisis. but mistrust has remained. on the crucial issue of bank resolution, after long and tiresome negotiations it has been decided that sharing the cost of a banking crisis among all the eurozone countries is not for now ; it is foreseen as the final step in a process lasting many years, and in any case it will involve private funds only ( the single resolution fund, financed by all the eurozone banks ). the use of money from the taxpayers of countries other than the one where the bank ’ s head office is located has been ruled out – contrary to the original intention ( anyhow, the use of national public money is in general forbidden by state aid rules ). as to the sdis, it was first postponed to an indefinite future ; more recently, a proposal has been presented by the european commission, but envisaging the same manyyear process before reaching a mutualisation such as the one established for the single resolution fund. the cmu, needless to say, is a totally different endeavour. still, overcoming the variety of national habits and interests will be a formidable task, the inherent difficulty of which must not be underestimated if we want cmu eventually to succeed. references european commission, 2015, action plan on building a capital markets union, http : / / ec. europa. eu / finance / capital - markets - union / index _ en. htm # action - plan. danielsson, j., et al., 2015, europe ’ s proposed capital markets union : disruption will drive investment and innovation, http : / / www. voxeu. org / article / europe - s - proposed - capital - marketsunion. juncker, j - c, 2014, a new start for europe : my agenda for jobs, growth, fairness and democratic change, opening statement in the european parliament plenary session, strasbourg, 15 july, http : / / ec. europa. eu / priorities / docs / pg _ en. pdf. langfield, s., pagano, m., 2015, “ bank bias in europe : effects on systemic risk and growth ”, ecb working paper series, 1797, may, https : / / www. ecb. europa. eu / pub / pdf / scpwps / ecbwp1797. en. pdf rossi, s.