Following the 2008 new mandate on liquidity surveillance, the BCL adapted its internal structure and resources so as to ensure that the Luxembourg market and its financial actors are constantly subject to analytical and quantitative scrutiny so as minimize systemic liquidity risk in the Luxembourg financial industry.
We have a large consensus to have much more transparency for financial instruments, for markets and for institutions. We need appropriate rules, standards and codes. And that is valid for all institutions, including the highly leveraged institutions. We must have an efficient and effective fight against procyclicality. We have to improve very significantly risk management in all pertinent institutions.