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1、BenoîtCœuré:WhytheeuroneedsabankingunionSpeechbyMrBenoîtCœuré,MemberoftheExecutiveBoardoftheEuropeanCentralBank,attheconference“Bankfunding–markets,instrumentsandimplicationsforcorporatelendingandtherealeconomy”,FrankfurtamMain,8October2012.***IwouldliketothankCarmeloSalleoforhiscontributiont
2、othespeech.Iremainsolelyresponsiblefortheopinionsexpressedherein.IntroductionLadiesandgentlemen,Itisagreatpleasuretobeherewithyouthiseveningaspartofthisconference.Ifirmlybelievethatgoodresearchunderpinspolicychoicesand,asyouknow,theEuropeanCentralBank(ECB)isverycommittedtocarefullyconducted,h
3、igh-qualityanalysisasthebedrockofitsdecision-making.Bankfundinghasbeenthefocusofpolicy-makers’concernsforthepastfewyears,eversincethecollapseofLehmanBrothers,whichbrutallyremindedusallofthesystemicdimensionofliquidityandfundingrisk.Suchacataclysmiceventelicitedahostofresponses,rangingfromcent
4、ralbankinterventionstopreventameltdownofthefinancialsystemtothedesignofnewregulationstolimitrisk-takingbyfinancialinstitutions.Theshockwasglobal–andtheresponsehasbeenglobal.However,muchworkstillneedstobedone,soIwelcomeopportunitiessuchasthisconferencetogainabetterunderstandingofthedynamicsand
5、determinantsofbankfundingandoftheirimplicationsforthefinancialsystemandtherealeconomy.Ourinterestinbankfunding,ascentralbankers,stemsalsofromthefactthatittouchesupontheveryessenceofourrespectivemandates.Money,remember,istheliabilityofthebankingsystem.Centralbankmoneyrepresentsbutafractionofbr
6、oadmoney.Toensurethatmoneyissound,and,intheeuroarea,thatitis“single”,weneedthebankingsystemtobeequallysound,andimportantly,single.ItisagainstthisbackgroundthatIwilldevotemyremarkstonighttothelatestdevelopmentinEuropeanpolicy,specificallythedecisiontoproceedwithabankinguniontocomplementmonetar
7、yunionintheeuroarea.Iwilldiscussthedesirablecomponentsofabankingunion,towardswhichasinglesupervisorymechanismrepresentsthefirststep.Theestablishmentofabankingunionisakeyfactorinthecompletionofmonetaryunion,andprobablyaturningpointinthecurrent
