In December of last year, the Committee finalised Basel III – the global minimum standard that imposes limits on the risks that internationally active banks can take. Important and far-reaching standards like that aren’t agreed upon every day – and luckily enough, many of you might be thinking. So we can rightly say that the finalisation of Basel III was a major achievement.
However, we can’t rest on our laurels. Good rules have little value if they’re not implemented properly. Therefore, we must now take the next step and master the implementation of Basel III. I am a strong supporter of swiftly implementing the standard in the European Union to make it a binding reality.