What regulations are appropriate and which are disproportionate? As I have already explained, I firmly believe that we have embarked on an effective and, at the same time, balanced path over the past few years.
The reform packages are making banks significantly safer: as a result of more stringent capital requirements, by the introduction of the leverage ratio, by the introduction of not one but two liquidity minimum requirements, by the introduction of capital buffers and by further elements. More than that: we are also tackling the problem of bubble formation.