union. these are the decisions made by the british population, we have nothing to say in that regard. but i think that it ’ s going to be quite negative in terms of economic performance for the uk. the rest of the members of the union will have to continue cooperating and continue integrating our economies. i think that in that aspect further integration is the correct answer. i repeat again, it ’ s quite unfortunate that the uk, such a big economy, leaves the union, but this decision is taken by the british people. we regret that decision. i would like to express that we have to continue cooperating with the uk and that i hope that we will have a divorce that will be orderly and that will let us continue operating with the uk. but now the decision has to be taken by the british parliament, so full respect for the decisions taken by the british population and by the british parliament. but i think that we will have to continue our integration process in the euro area. given the current political climate in europe, do you feel that moving towards closer integration is the right step because we see a lot of backlash at this moment both in nationalistic, populist and so on? undoubtedly we have seen more populism all over europe in recent years, but i think that the correct response is to take further steps in terms of integration. there is not an easy fix to the problems of europe. but i think that the euro indicates that there is a way forward and that we can overcome difficulties together and that the very nationalistic and domestic approaches are not enough in order to do that, but that it ’ s much better to do it together. and in that regard the euro is the main element of coherence and the main element of political integration and financial integration that we have in the eu. if we take one case in particular – that of italy – we see that there is this new government that is really pointing the finger against these technocratic institutions, including the ecb, and saying this is not the future, we cannot go on like this. they're the third largest euro zone member, so third most important. so what can you answer to that kind of political sentiment that indeed is rising? i do not want to comment on any particular country, but even if you look at italy, if you look at the polls, there is a very important majority of the italian people who support the euro. we have seen that the italian government – and i

means strengthening the regulations to ensure that a wide range of lmi banking needs are being met. it also entails promoting financial inclusion by, among other things, providing credit for activities in areas with unmet needs outside of assessment areas, such as indian country. additionally, we aim to create incentives for investment in minority depository institutions and community development financial institutions, many of whom are icba members. we know that banking has evolved over the past 25 years, so we also sought to update standards in light of changes to banking over time, including mobile and internet banking. lastly, we wanted to continue to promote community engagement to inform the examination process. our second major goal for the anpr was to provide greater certainty, tailor regulations, and minimize burden. the anpr seeks feedback on several approaches designed to make the rules clearer, more transparent, and less subjective. for example, the proposed metrics for the retail test and the community development test would provide more clarity and transparency on how bank ratings are determined. in talking with community banks, federal reserve staff and i also heard about the need for clearer standards and greater limitations on the size of assessment 1 / 2 bis central bankers'speeches areas — especially for small banks operating just in a portion of a large county or only making a few loans in a part of a county. the anpr offers ideas to provide greater clarity in response to these concerns. importantly, the anpr proposes to tailor cra to bank size and business model. in discussing cra reform with bankers and community organizations, it has been clear that there is a need for a tailored approach for small banks and better outcomes for rural communities. i am encouraged that the anpr offers ideas that advance these objectives. so let me say a bit more about the proposals in the anpr that are tailored to small banks. small retail banks could continue to have their retail lending activities evaluated under the current framework, or they could elect to be evaluated under the proposed retail lending metric. small banks that opt for the retail lending metric can also elect to have other activities considered. additionally, the anpr minimizes data collection and reporting burden by relying on existing data as much as possible, as well as exempting small banks from deposit and certain other data collection requirements. we also heard from stakeholders like icba that rural areas, and banks in rural areas, have particular needs. therefore, the anpr proposes providing incentives for banks in rural areas to participate in beneficial civic and other nonprofit activities ( e.