Europe's strength lies in the interconnection of our economies. The single market and the common currency have driven this forward, and the integrated economic policy making at the European level through the European semester is now drawing our economies together as never before. However, the crisis has shown that the single market for financial services can only deliver financial stability, economic growth and jobs if it is matched with a strong single regulatory and supervisory authority at EU level. The next step must be to deepen economic and monetary union with a fully-functioning banking and fiscal union
