*  *  *  Ladies and gentlemen Thank you, Ambassador Ammon, for hosting this event here at the German Embassy in London. I am happy to have the opportunity to officially thank the Bundesbank’s departing representative, Mr Jakob Orthacker, and to welcome his successor, Ms Julia Becker.
I am particularly happy that Sir Jon Cunliffe, Deputy Governor of the Bank of England, is here today. Thank you, Jon, for your remarks. Now let me say a few words on financial regulation and the need for international cooperation. My argument begins with the idea that a global financial system requires global regulation.