Even so, I’m concerned to see that some countries outside Europe are adopting their own regulatory 2  BIS central bankers’ speeches  initiatives which breach the principle of cross-border coherence. I believe that the danger of banking regulation one day returning to the principle of “every man for himself” needs to be taken seriously.
Italy’s public debt is sustainable, but there must be a clear determination to keep it so, by putting the debt-to-GDP ratio on a credible path towards lasting reduction. Any uncertainty about Italy’s committed participation in the European Union and in the single currency must be dispelled, as it fuels volatility in the financial markets.