Mr. David Kitching:

Okay. It is not a panacea. As we have seen already today, we face many problems but in terms of having an economic and monetary union, we talk about social union being a key pillar of all of that. The idea that banks can supersede or operate outside a system of regulation is hugely problematic. A banking union alone will not deal with everything but we would like to see a situation where the instruments I suggested earlier such as the European Investment Bank could also guarantee a certain amount of lending, even from the private banks, for specific categories of investment - youth unemployment or training schemes, graduate start-ups and so on.

However, it is not something that will sort out all our problems. There are many institutional problems throughout the EU.