Our staff members have benefited vastly from the knowledge transfer, which now allows them to manage more complex portfolios. But, over time our initial objective changed and we now also look at external fund managers with diversification in mind, allowing them, given their higher level of professional expertise, to do things that we can’t do.
But at the same time we must maintain a certain degree of national flexibility. National financial systems continue to differ, in some cases substantially. This being so, it would not be appropriate to strive for across-the-board uniformity for all regulatory requirements. We should not stop competing for optimal regulation. By that I don’t mean countries undercutting each other with more and more lax provisions.