essential to further strengthen and develop the single market. in the area of financial services we have made significant progress. the single market for financial services is now supported by the single rulebook for banks and by common supervisory institutions. within the euro area we went further with the banking union. as i have said, we are not at the end of this process. for instance, financial integration through a fully fledged capital markets union could diversify financing sources for european companies. by fostering private risk - sharing, it can also contribute to a more resilient european economy. conclusion let me conclude. it is encouraging to see that recent opinion surveys show support for european integration increasing since the uk referendum, contrary to the expectations of many. at the same time, there are lessons to be learnt. the key lesson is that the european union has to deliver on key objectives from the citizens ’ perspective if it is to rekindle trust in the european project. and to address the widespread feelings of insecurity, including economic insecurity, the european project needs strong economic foundations. for the euro area economy, this means strengthening the recovery, preserving financial stability and addressing the remaining vulnerabilities of economic and monetary union. thank you for your attention. i am now looking forward to our discussion. 3 / 3 bis central bankers'speeches

even more effective. low productivity growth, legacy problems in the banking sector and limited progress with structural reforms are all issues that need to be tackled swiftly. this would help close the output gap faster and increase growth potential, resulting in higher employment. i am aware that the attention of our policymakers has shifted. in the direct aftermath of the financial crisis the need to complete economic and monetary union came to the forefront of the european debate. since then circumstances have changed. today europe ’ s focus is more on security. both projects require europe to be united – to act together. however, let us not forget 1 / 3 bis central bankers'speeches that europe will be better able to protect itself if it has a strong and resilient economy. and for that purpose, economic and monetary union will have to overcome the vulnerabilities stemming from its incompleteness. one important lesson from the crisis is that a half - built house is not stable, it is fragile. progress is thus needed in all the unions identified in the five presidents ’ report. this committee plays an important role in ensuring greater financial sector resilience in the european union and in completing the banking union. to this end, solid progress is needed on the current legislative dossiers. the european parliament will also play a leading role in the context of the proposed revision of the single rulebook ’ s legislative pillars : the bank recovery and resolution directive ( brrd ), the capital requirements regulation ( crr ) and the capital requirements directive ( crd iv ). the single market and brexit let me now turn to the repercussions of brexit, which you have asked me to address in more detail. for both the euro area and the united kingdom, the single market has been a fundamental asset and a positive sum game. bringing together european economies has allowed the european union to reap efficiency gains and better satisfy demand. for sectors such as financial services, the ability to serve an eu - wide, interconnected market is a key factor of success. the single market also makes it possible for firms to benefit from the complementarities of various locations across the eu as part of european value chains. moreover, the free movement of people ensures that anyone can seek work where economic activity is concentrated as a result of agglomeration effects. economic clusters in turn benefit from being able to recruit workers from across the eu. the united kingdom has benefited from the strong economic and financial links within the single market. in fact