These successes took place against the background of slow growth and subdued inflation. Despite recent encouraging signs, the recovery in Europe remains gradual and moderate. In the European context, the subject of this conference is therefore very pertinent. I already gave my general answer in favour of completing the regulatory reform.
In what follows, I will further substantiate my arguments in favour of that position and will express my concern with the insufficient attention paid so far to the growing risks in the shadow banking sector.