This is a very important development and I look forward to successful trialogues between the Council, the Parliament and the Commission. Rapid progress and agreement on clear rules of the game are crucial also with a view to meeting the G20 commitments on the timely and comprehensive implementation of Basel III.
Third, as regard the proposed regulation as approved by the Council, the compromise text now includes elements that would allow national authorities to apply measures falling under the “single rulebook” for macro-prudential purposes. Overall, this is a welcome development.