Another topic on the reform agenda is remuneration. Do we make banking boring when we combat greed and short-termism? I don’t think that aligning compensation more closely to a bank’s longer-term success makes banking boring. Finally, we have to distinguish between banking and finance. Making banking boring does not necessarily mean making finance boring. Only think of the shadow banking issue. 2.
Simplicity and complexity  I was asked to speak about simplicity and complexity. I want to start with the latter. I am deeply concerned about complexity. Where does the real risk of complexity lie? With respect to regulation and the change of the landscape it is not so much a single measure or a single initiative that creates complexity.