The largest banks have already met their fully phased-in capital requirements, including the conservation buffer and the capital surcharge for the global systemically important banks. Also, the largest banks have been able to meet the post-stress capital requirements in the past couple of stress-test exercises run by the Federal Reserve.
Europe’s responsibility is not only limited to its own house, but relates to the global economy and the international financial system as well. V I am sure that in the medium term European monetary union will influence the international financial markets significantly.