In these remarks, I will first sketch out how changes in regulation, risk management, the economy, and overall financial stability have prompted alterations to stress tests over the past decade. Much of that change has enhanced transparency, which is a founding principle for stress tests.
Financial centres, when vying for a good position among themselves, must under no circumstances be permitted to engage in activities at the expense of financial stability, not least given the ever closer interconnectedness in the global financial system. Individual countries should not seek advantages by watering down, or by reluctantly implementing internationally agreed reforms.