 There are many reasons, obviously. One essential one, I think there is a growing consensus in the literature, is that the US has been more forceful in restoring the health of the banking system, so the deleveraging, the bank repair. Europe has taken more time, and so the challenge here is to build on the progress made in bank restructuring and repair in the past years, build on that in view of the move to the single supervisory mechanism next year. Banking union is essential because without banking union we are not going to break the link between the sovereign and the banks. This would continue the fragmentation that we have witnessed in the financial markets, so lending rates will be differentiated between core and vulnerable countries, so corporates, especially SMEs, would borrow at much less favorable conditions, and this would hamper the recovery. So banking union is important, yes, to preserve the functioning, well functioning of the single market in financial services for fostering the good adjustment within the economic and monetary union, but also to underpin the economic recovery. The tricky areas are on the one hand indeed restore the well functioning financial markets, overcoming financial fragmentation on the one hand, on the other hand is to continue to implement forcefully the structural reforms, which would underpin confidence boost potential growth in the medium to long term, and third element is to have a fiscal stance in the euro area, which is appropriately differentiated between countries with more fiscal space, which have more leeway and countries with less fiscal space, which have to stick to their targets, and this has to be done together with improving the composition and quality of public finances, boosting items in the public budget on the revenue side, on the expenditure side, which foster job creation and growth.