But risks of regulatory arbitrage are sizeable, as many of the activities can be conducted by different types of institutions subject to diverse regulatory regimes. Additionally, the more effective we are in using macroprudential tools for banks, the more likely activities spill over into the less regulated sector. 11  These instruments represent an important share of financial assets.
I would like to conclude by expressing my great thanks – also on behalf of the Executive Board – for your extraordinary merits as a passionate Bundesbanker and monetary policy maker. Thank you all very much for you attention. Minister of State Füracker, the lectern is all yours. Footnotes:  1.