However, this does not mean that regulatory reform has been a complete failure, because a whole series of measures is now in place with which the principle of liability is being strengthened. Let me just mention the example of stricter capital requirements in the form of Basel II.5 and Basel III.
At the end of February this year, political agreement was reached in the European Union concerning the implementation of Basel III through the Capital Requirements Directive IV and the Capital Requirements Regulation. The European Parliament also gave the draft legislation its seal of approval just last week.