Yet, the financial landscape on which both regulators and market participants operate, has been rapidly changing; it is very different today from what it was only ten years ago, and it will be very different ten years from now. I will begin by describing the present landscape on which efforts to strengthen financial stability have been taking place.
Then, I will briefly discuss some developments in the EU regulatory framework relevant to the financial system and its stability. In particular, we can identify a new role for central banks in this framework that stems from mandates that have been revised to include the safeguarding of financial stability.