This environment is conducive not only because of its disciplining effects on both debtors and creditors, giving them a clear and credible framework within which to act. It is also a key ingredient of the overarching architecture: because in a market environment, if individual action is not matched by individual liability, the rules can hardly be deemed sustainable.
These aspects will certainly be more deeply tackled later today, in the third session of this conference. That said, I think technology-driven data bring serious challenges from a practical point of view, above all because their granularity is multi-dimensional.