International investment can be attracted by harmonizing investor protection legislation within the EU and removing barriers to cross-border mergers and acquisitions. Central banks in Europe have been supportive of the Capital Markets Union project, as it can contribute to growth while, at the same time, enhancing the resilience and stability of the financial system.
Given the importance of Basel II, I am pleased to report that implementation is fully under way. For example, implementing legislation or regulation is either in place or in process in markets such as the European Union and Japan. Likewise, supervisory agencies in the United States recently issued their notice of proposed rulemaking.