Mr. Mario Nava:

In 2006 and 2007, we realised when the crisis came that we had many things to do, and certainly we have done many things. It is not by chance, and it was mentioned by Deputy Phelan a moment ago, that we have produced 41 pieces of legislation in five years. Clearly at global level there was recognition that more needed to be done. In Europe, particularly in the euro area, we went beyond the global level by introducing two specific elements of banking union, namely, the single supervisory mechanism and the single resolution mechanism. These are game changers and massively increase the confidence we should have in the system.