of the single financial market. laws and regulations alone cannot extend the boundaries of marketplaces or define new products. on the contrary, market forces should ultimately drive the integration progress. collective action by market participants, perhaps with the support of public authorities, has therefore to be organised at the eu level to overcome possible co - ordination problems in this process. the integration of money markets is a clear example of how actions by market players themselves may underpin integration. the eonia, the reference rate for overnight unsecured interbank deposits, was developed by market participants with the facilitating role of the ecb. this example also illustrates how public authorities may also play the role of catalysts of collective action. and third, european financial integration is a process which calls for a very attentive monitoring as regards its impact in terms of financial stability. a large number of complex processes are at stake : better allocation of capital resources all over a vast continental economy of 450 million inhabitants ; better assessment of risks through enhanced quality of management of financial institutions ; enhanced market discipline ; concentration of investments in a fewer number of institutions ; globalisation of the european financial institutions ; introduction of new non european institutions as major european players ; regional regroupings, etc, etc … together with the flexibilisation of the financial system fostered by the combination of market innovation, technological improvements and globalisation, the previously listed forces should, by and large, foster the resilience of the financial sector and its capacity to weather shocks. that being said, it is not, in any respect, time for complacency. the exceptional chances and opportunities of the present times have their necessary counterparts in potential risks that have to be identified, analysed and appropriately weathered if materialising. i consider that improving tirelessly the resilience of the european financial system and paving the conditions for enhanced financial stability in an ever changing environment is a fundamental responsibility of the ecb and the eurosystem. i thank you for your attention.

jean - claude trichet : a rich variety of cultures at the heart of europe interview with mr jean - claude trichet, president of the european central bank, in the frankfurter allgemeine zeitung special supplement of the ecb cultural days, published on 4 october 2009. * * * 1. the ecb cultural days have been held seven times since their launch. on three occasions, they have featured countries from eastern europe. what does eastern europe bring to europe and to frankfurt, in particular? it is very important for the ecb – with our staff coming from all 27 eu member states – to discover or rediscover the wealth of european culture in the international environment of frankfurt and its surrounding area. as you say, it has always been our aim to embrace the whole of europe, both the old and new members of the european union. it is no accident that we have welcomed three central and eastern european and three western european countries. last year, on the occasion of the tenth anniversary of the ecb, the events involved all 27 eu member states in order to underline the diversity of european culture. this year, the 20th anniversary of the fall of the iron curtain, the event takes place against the unique backdrop of the reunification of europe. 2. you made a speech on european culture in frankfurt this spring, which explored the link between the concepts of roots, diversity and identity. did you have the ecb cultural days in mind? of course. i was very keen to deliver this speech upon the invitation of my friend, professor otmar issing. i profoundly believe that culture is at the heart of the european project. the cultural unity of europe is based on the recognition of, and an openness to, its cultural diversity. europe benefits greatly from the mix of cultures. this is the core concept of the ecb cultural days. 3. in times of crisis, culture can be seen as a luxury, a remedy or a refuge. the past two years must have been very difficult for you, presenting you with many challenges and a very heavy workload. what works of art helped you to unwind during this period? particularly in very demanding and challenging crises, it is important to remain composed, to be able to stand back from immediate events and to develop as sound and as lucid a judgement as possible. i think that, in times like these, it helps more than ever to read a good ismail kadare book or a beautiful heine poem,