*  *  *  I would like to thank Massimo Rostagno and Fédéric Holm-Hadulla for their contributions to the preparation of this speech. Ladies and Gentlemen, It is a great pleasure for me to speak here today at the Bargeldsymposium of the Deutsche Bundesbank.
As you may know, that proposal is seeking a “mandatory ring-fence”, that is a separation of bank lending facilities from proprietary trading and certain other trading activities. Separation may be useful in some countries, whereas in other countries, such as Denmark, there is not much of a convincing case for such separation.