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Last summer. Speaking here in London. I said that when people talk about different -- -- the -- grow they underestimate. Yeah man a political capital that's been invested in it. Since then even more political capital is being mobilized. The answer to this crisis has not being less Europe but -- Europe. We can therefore safely say. That our economic and monetary union is now in more stable union. Then to -- a year ago. All right can say and clearly say is that Europe needs a more European UK. As much as UK needs and more -- issue. Our managers. Gave breathing space from markets dreamed -- by -- Which -- seeing the economy to a position. Where inappropriately high interest rates would make default as self fulfilling prophecy. Adjustment. Would have been impossible. Instead of better capitalized banks and stronger Frisco positions. We would have left we would have been left which financial and economic meltdown. Today we have seen some encouraging signs of tangible improvements. In financial conditions. It is also imperative to create a single resolution mechanism. Such American is much like the FBI seen United States. Could give markets certainty about the ranking up creditors. And the procedures that will be followed in the case of a bank resolution. We are successful in establishing an effective banking union Azam -- means we will be. The benefits of the large but only forty you Wear -- but for all EU members.