Notwithstanding the above, the adoption of new principles will no doubt pose challenges in certain areas. A concern which has been raised globally is that the adoption of Basel III capital requirements by banks would push down their RoE to an extent. This could have implications for investments into the banking sector.
And I told them that the people of Europe were very fortunate that they had performed this task so well, as had all other colleagues in the euro area. What did the introduction of the euro mean to you personally? I can tell you that I was full of pride on that day.