and recession weight on the most vulnerable in society, in particular on the youth. time lost increases the risk of a permanently lower rate of growth and of a lost generation. in other words, the key to reviving growth and investment in the euro area is for each stakeholder to take responsibility for what it can change, within its mandate – and then just do it. thank you for your attention. see european investment bank – european commission ( 2013 ), “ increasing lending to the economy : implementing the eib capital increase and joint commission - eib initiatives ”, report to the european council, 27 – 28 june 2013. bis central bankers ’ speeches

willem f duisenberg : the future of banking supervision and the integration of financial markets speech by dr willem f duisenberg, president of the european central bank, at the conference organised by euro group entitled “ improving integration of financial markets in europe ”, held in turin, on 22 may 2000. * * * i should like to thank the organisers for the opportunity to participate in this interesting event. we are here to discuss the important and profound changes taking place in the banking industry and financial markets worldwide. in europe, these changes have been significantly intensified by the introduction of the euro. i wish to offer my remarks today on the issue of preserving financial stability for the euro area in this rapidly changing environment. ensuring effective banking supervision and crisis prevention plays a key role in this respect, and is facing challenges from two major sources : the internationalisation of financial activities and the geographical split between the jurisdiction of monetary policy and banking supervision. the monetary policy function now embraces the 11 countries that have adopted the euro, while supervision remains a national responsibility. this situation introduced by the maastricht treaty is a novelty ; it does not have historical precedents. it is the view of the ecb that the existing institutional arrangements can provide an adequate and flexible basis for safeguarding financial stability - also in the future. however, the practical functioning of supervision needs to be developed and cooperation between competent authorities needs to be enhanced in order to ensure the effective execution of supervision and corrective action in the increasingly integrated euro area financial system. moreover, authorities should be able to take an area - wide - or even a global - view whenever the situation so requires. the desirability of these enhancements is also acknowledged in the recent report on financial stability prepared by the economic and financial committee and endorsed by the ecofin council at its meeting on 8 april 2000. let me proceed by describing in more detail the two challenges for supervision that i just mentioned. after that, i should like to evaluate the necessary steps for promoting adequate cooperation and coordination among the authorities concerned. increasing cross - border banking there is no doubt that the introduction of the euro has fostered the internationalisation of banking activities. in particular, the rapid integration of the wholesale and capital markets, as well as large - value payment systems, has already produced more and new kinds of linkages among banks. as a result, banks are increasingly exposed to risks originating from abroad, and risks to financial stability are less and less confined to national borders. the most substantial