Let me stress here that the Bundesbank’s approach is just one of many, and that there is no right or wrong approach. This is only one way in which a central bank is able to maintain independence and avoid fiscal dominance. This brings me to the third aspect of the facilitation role that the German central bank opted for.
Firstly, I will describe our objectives and approach to prudential regulation, secondly, I will consider some of the key challenges the international financial services sector faces, and thirdly, I will outline some of our priorities for 2018.