But designing and agreeing on responses takes time. No wonder that policy-makers are criticised for constantly being “behind the curve”. Markets want to see immediate and forceful action from Europe’s politicians. And their criticism of the slowness of the European crisis response is in part justified. But democratic politics takes time. It is open, noisy, and messy. We cannot do “crisis management by Politburo”.
*  *  *  Ladies and gentlemen Thank you for having me today; it is a pleasure to be here. For me, one of the central lessons from the financial crisis is this: the financial system is global in scope, and it therefore requires global regulation.