These include the Volcker rule in the US, the Vickers Commission in the UK and the European Commission's Likanen Report. Draft legislations in this regard are underway in Germany and France.6 The aftermath of the crisis has also pointed to a need for reforms in the shadow banking system7.
The international jury, which was chaired by the ECB’s Vice-President, Lucas Papademos, was the first body to face the challenge for awarding the prices to the most suitable designs. I would also like to thank the jury for their work and express my appreciation of their endeavours to find the right design for the task and the site at hand.