So Member States have to take policy actions to redress public finances. But the evidence suggests it can be done. To stabilise debt levels, the euro area already has a benchmark a new debt reduction rule agreed as part of reforms to fiscal governance. Observing it will be difficult for some countries. But they have made similar adjustments in the past.
Today I would like to discuss the evolution of the industry and the development of innovative products, services, and activities, especially in the areas of complex structured finance transactions and credit risk transfer. I will then discuss the role of counsel in ensuring the effective risk management of these innovations through a robust enterprise-wide risk-management framework.