The reform of the regulatory and supervisory framework at the EU and international levels must substantially enhance the stability of the global financial system. The system must strengthen itself and build up its own defences. I propose a strengthening of the financial system that focuses on three goals: long-term sustainability, improved resilience and a holistic perspective.
The EU has the opportunity for an important institutional change. It can adapt the supervisory framework to the new financial landscape, reflecting the considerable increase in European financial integration that we have observed in recent years. This must be one of the key lessons for us to draw from the financial crisis.