Let me conclude with an example that demonstrates that in Europe policymakers can make bold steps when and where necessary. I am referring to the recent decisions of the European Council and the European Parliament to create the European Systemic Risk Board – or ESRB – which I shall have the honour to chair.
BIS Review 171/2010  5  This new European body will be part of the new European System of Financial Supervision and its function will be to provide macro-prudential oversight of the EU financial system. It will bring together the governors of the national central banks, the new European Supervisory Agencies, the Commission and the national supervisory authorities of all 27 member states.