Therefore, most of my comments are generally applicable, but allow me to voice some thoughts on the current debate in the European Union. The financial crisis has made it clear that systemic risk with its implications for financial stability was not given enough attention in the past.
We have learnt the painful lesson that we have to put the financial system on a sounder footing, and we need to draw the right conclusions from the global financial crisis. The costs of inaction have been high, and doing nothing is simply not an option.