First, there is a need for a higher degree of transparency as regards the activities of financial institutions and markets that are relevant from a financial stability perspective. Supervisors and financial institutions have a role to play in enhancing transparency in their domains.
To mention a specific example, we very much welcome the current dialogue between the ECB and CESR on the possibility of creating a standard for reference data on securities and issuers, with the aim of making such data available to policy-makers, regulators and the financial industry through an international public infrastructure.