But as I said just now, rules can only work together with supervision. How effective global rules are also depends on how supervisors apply them. Supervisors must faithfully apply the rules which transpose the Basel standards. To do so, they need adequate resources and they must be shielded from political interference. And there’s more.
There is also a strong case for supervisors from around the world to exchange information, to cooperate and to coordinate. This would help to facilitate strong and effective banking supervision worldwide. We have done a lot to make banks safer and sounder, both at European and global level. The important thing is that we keep working together – within Europe and around the world.