José Antonio Ocampo’s proposals on countercyclical capital requirements have been subject to discussion for some time, and so have moving provisions in the Spanish case. In my view, in order to achieve financial stability, we will probably need to reform existing regulations.
In fact, several panellists, such as Viñals and Ocampo, paved the way for a debate on increased policy coordination given the increased interaction of financial markets and the difficulty this implies for independent action. As I see it, this will not stop the increasing financial innovation process but will strengthen the related risk management.